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Why Summit Therapeutics Stock Tanked Today

TheMotleyFool

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Why Summit Therapeutics Stock Tanked Today: https://g.foolcdn.com/editorial/images/821509/two-people-in-white-lab-coats-looking-at-a-computer-display.jpg

An analyst's downbeat new take on Summit Therapeutics (NASDAQ: SMMT) pushed its stock downward on Hump Day. At the end of Wednesday, the shares had booked a loss of over 11% in price as investors absorbed the negative take. That was a far steeper fall than the 0.3% slide of the S 500 (SNPINDEX: ^GSPC) that trading session.

Well before market open that day, Leerink Partners' Daina Graybosch initiated coverage on Summit stock. This wasn't a positive appraisal, as the analyst flagged it with an underperform (read: sell) recommendation and a price target of $12 per share. That level is nearly 40% below Summit's most recent closing price.

Image source: Getty Images.

Source Fool.com