Formative assessments are an opportunity to get feedback on your work to help you improve in time for your summative and don't count towards your final module grade so as long as you know you did try at least, try and learn from your 'failure' and take on the feedback as much as possible to try and improve in time for the final summative assessment. It'll reflect your future success in the way you interact with feedback you've received otherwise no you can turn your grade around, if you need extra help I'd also suggest booking extra office hours with your lecturer or tutor if there are some things you want extra clarification on / help or more feedback. Good luck.