$2.32 Million in Sales Expected for Summit Therapeutics PLC (SMMT) This Quarter
Wall Street analysts forecast that Summit Therapeutics PLC (NASDAQ:SMMT) will report $2.32 million in sales for the current fiscal quarter, according to Zacks. Two analysts have made estimates for Summit Therapeutics PLC’s earnings, with the highest sales estimate coming in at $2.32 million and the lowest estimate coming in at $2.31 million. Summit Therapeutics PLC posted sales of $700,000.00 during the same quarter last year, which would indicate a positive year over year growth rate of 231.4%. The business is scheduled to announce its next quarterly earnings results on Thursday, December 21st.
On average, analysts expect that Summit Therapeutics PLC will report full year sales of $2.32 million for the current fiscal year, with estimates ranging from $31.94 million to $45.46 million. For the next financial year, analysts expect that the business will post sales of $11.21 million per share, with estimates ranging from $9.29 million to $13.13 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research firms that that provide coverage for Summit Therapeutics PLC.
Summit Therapeutics PLC (NASDAQ:SMMT) last posted its earnings results on Thursday, August 31st. The company reported $1.10 earnings per share for the quarter, missing analysts’ consensus estimates of $1.38 by ($0.28). The company had revenue of $25.01 million for the quarter, compared to analysts’ expectations of $31.37 million. Summit Therapeutics PLC had a negative return on equity of 29,334.40% and a negative net margin of 12.44%.
SMMT has been the subject of several analyst reports. Zacks Investment Research lowered Summit Therapeutics PLC from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 6th. Canaccord Genuity reiterated a “buy” rating and set a $28.00 price objective on shares of Summit Therapeutics PLC in a report on Monday, September 11th. Oppenheimer Holdings, Inc. reiterated a “buy” rating and set a $24.00 price objective on shares of Summit Therapeutics PLC in a report on Monday, September 11th. Finally, ValuEngine lowered Summit Therapeutics PLC from a “hold” rating to a “sell” rating in a report on Thursday, October 5th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $23.50.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in SMMT. Granite Point Capital Management L.P. grew its position in Summit Therapeutics PLC by 106.7% during the 3rd quarter. Granite Point Capital Management L.P. now owns 242,113 shares of the company’s stock worth $3,031,000 after purchasing an additional 125,000 shares during the period. Sphera Funds Management LTD. grew its position in Summit Therapeutics PLC by 49.3% during the 3rd quarter. Sphera Funds Management LTD. now owns 212,018 shares of the company’s stock worth $2,654,000 after purchasing an additional 70,000 shares during the period. Alyeska Investment Group L.P. acquired a new stake in Summit Therapeutics PLC during the 3rd quarter worth about $628,000. Finally, Renaissance Technologies LLC acquired a new stake in Summit Therapeutics PLC during the 1st quarter worth about $267,000. 19.71% of the stock is currently owned by hedge funds and other institutional investors.
Summit Therapeutics PLC (NASDAQ SMMT) traded up $0.26 during trading on Friday, reaching $11.24. The company’s stock had a trading volume of 157,200 shares, compared to its average volume of 21,526. Summit Therapeutics PLC has a one year low of $7.95 and a one year high of $16.86.
Summit Therapeutics PLC Company Profile
Summit Therapeutics plc is a biopharmaceutical company, which is engaged in drug development. The Company is focused on the discovery, development and commercialization of medicines for indications for which there are no existing or only inadequate therapies. It is conducting clinical programs focused on the genetic disease Duchenne muscular dystrophy (DMD) and the infectious disease Clostridium difficile infection (CDI).
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