Summit Therapeutics (NASDAQ:SMMT) Releases Quarterly Earnings Results, Beats Expectations By $0.08 EPS

Summit Therapeutics (NASDAQ:SMMT) announced its quarterly earnings data on Thursday. The company reported ($0.19) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.27) by $0.08, FiscalAI reports.

Summit Therapeutics Price Performance

Shares of NASDAQ:SMMT traded up $0.24 during trading on Thursday, reaching $14.98. The stock had a trading volume of 3,122,995 shares, compared to its average volume of 3,949,282. Summit Therapeutics has a 52 week low of $12.55 and a 52 week high of $30.98. The business’s 50-day moving average price is $15.16 and its 200 day moving average price is $16.72. The stock has a market capitalization of $11.63 billion, a PE ratio of -9.36 and a beta of -1.26.

Analyst Upgrades and Downgrades

SMMT has been the topic of several research analyst reports. Wall Street Zen lowered shares of Summit Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, July 18th. Piper Sandler cut their price objective on shares of Summit Therapeutics from $17.00 to $16.00 and set a “neutral” rating for the company in a research report on Friday, May 1st. HC Wainwright reiterated a “neutral” rating on shares of Summit Therapeutics in a research note on Thursday. Stifel Nicolaus began coverage on Summit Therapeutics in a research report on Wednesday, April 8th. They set a “buy” rating and a $45.00 target price on the stock. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Summit Therapeutics in a research note on Friday, May 22nd. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $26.97.

Insider Buying and Selling

In other Summit Therapeutics news, CEO Mahkam Zanganeh purchased 3,810,000 shares of the company’s stock in a transaction that occurred on Friday, June 12th. The stock was purchased at an average cost of $13.12 per share, with a total value of $49,987,200.00. Following the acquisition, the chief executive officer directly owned 573,883,879 shares of the company’s stock, valued at approximately $7,529,356,492.48. This trade represents a 0.67% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, CFO Manmeet Singh Soni acquired 50,000 shares of the business’s stock in a transaction on Thursday, June 4th. The stock was acquired at an average price of $14.45 per share, with a total value of $722,500.00. Following the transaction, the chief financial officer owned 3,123,603 shares in the company, valued at approximately $45,136,063.35. The trade was a 1.63% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired a total of 7,870,000 shares of company stock worth $103,616,900 in the last three months. Insiders own 83.50% of the company’s stock.

Hedge Funds Weigh In On Summit Therapeutics

Large investors have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD raised its position in Summit Therapeutics by 106.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 9,371,415 shares of the company’s stock worth $163,907,000 after purchasing an additional 4,832,592 shares during the last quarter. State Street Corp boosted its holdings in Summit Therapeutics by 4.3% in the fourth quarter. State Street Corp now owns 6,636,361 shares of the company’s stock valued at $116,070,000 after acquiring an additional 274,425 shares during the last quarter. Geode Capital Management LLC increased its position in Summit Therapeutics by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 3,147,480 shares of the company’s stock worth $55,063,000 after purchasing an additional 14,745 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Summit Therapeutics by 1.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 892,629 shares of the company’s stock worth $15,612,000 after purchasing an additional 16,239 shares during the last quarter. Finally, Bank of America Corp DE lifted its position in Summit Therapeutics by 16.1% during the 3rd quarter. Bank of America Corp DE now owns 657,313 shares of the company’s stock valued at $13,580,000 after purchasing an additional 91,166 shares during the period. 4.61% of the stock is currently owned by institutional investors and hedge funds.

About Summit Therapeutics

Summit Therapeutics plc is a clinical‐stage biotechnology company dedicated to the discovery and development of precision medicines for serious and life‐threatening diseases. The company applies a targeted approach to drug design, focusing on novel mechanisms of action that differentiate its candidates from existing therapies.

Summit’s lead asset, ridinilazole (formerly SMT19969), is being developed to treat Clostridioides difficile infections and has received both Fast Track and Qualified Infectious Disease Product designations from the U.S.