Summit Therapeutics (NASDAQ:SMMT) Posts Earnings Results, Beats Estimates By $0.03 EPS

Summit Therapeutics (NASDAQ:SMMT) announced its quarterly earnings results on Friday, May 1st. The company reported ($0.24) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.27) by $0.03, Zacks reports.

Summit Therapeutics Stock Down 1.9%

NASDAQ:SMMT traded down $0.28 during midday trading on Monday, hitting $14.49. The company had a trading volume of 1,463,642 shares, compared to its average volume of 3,599,010. The stock’s fifty day moving average price is $18.96 and its 200-day moving average price is $17.46. Summit Therapeutics has a 52-week low of $13.83 and a 52-week high of $30.98. The company has a market capitalization of $11.24 billion, a PE ratio of -9.03 and a beta of -1.32.

Analyst Upgrades and Downgrades

SMMT has been the topic of a number of recent research reports. Truist Financial raised shares of Summit Therapeutics to a “strong-buy” rating in a research note on Wednesday, March 25th. Jefferies Financial Group downgraded Summit Therapeutics from a “buy” rating to a “hold” rating and reduced their price objective for the company from $42.00 to $15.00 in a research note on Monday, March 16th. KeyCorp restated an “overweight” rating on shares of Summit Therapeutics in a research note on Monday, June 1st. Piper Sandler lowered their price objective on Summit Therapeutics from $17.00 to $16.00 and set a “neutral” rating on the stock in a research note on Friday, May 1st. Finally, Wall Street Zen cut shares of Summit Therapeutics from a “hold” rating to a “sell” rating in a report on Monday, May 18th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $26.05.

Insiders Place Their Bets

In other Summit Therapeutics news, CFO Manmeet Singh Soni purchased 50,000 shares of Summit Therapeutics stock in a transaction on Thursday, June 4th. The shares were acquired at an average cost of $14.45 per share, for a total transaction of $722,500.00. Following the completion of the transaction, the chief financial officer directly owned 3,123,603 shares of the company’s stock, valued at approximately $45,136,063.35. The trade was a 1.63% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Robert W. Duggan bought 100,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 4th. The stock was acquired at an average price of $14.60 per share, for a total transaction of $1,460,000.00. Following the transaction, the chief executive officer owned 25,824,474 shares in the company, valued at $377,037,320.40. This trade represents a 0.39% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought a total of 250,000 shares of company stock valued at $3,642,500 over the last quarter. 83.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Summit Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Summit Therapeutics by 1.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,411 shares of the company’s stock valued at $1,273,000 after acquiring an additional 694 shares in the last quarter. Sei Investments Co. boosted its stake in Summit Therapeutics by 3.3% in the 3rd quarter. Sei Investments Co. now owns 27,163 shares of the company’s stock worth $561,000 after purchasing an additional 860 shares in the last quarter. State of Wisconsin Investment Board grew its holdings in shares of Summit Therapeutics by 1.1% during the fourth quarter. State of Wisconsin Investment Board now owns 92,882 shares of the company’s stock valued at $1,625,000 after buying an additional 1,047 shares during the last quarter. Cerity Partners LLC increased its holdings in shares of Summit Therapeutics by 1.0% in the 2nd quarter. Cerity Partners LLC now owns 114,844 shares of the company’s stock worth $2,444,000 after purchasing an additional 1,190 shares in the last quarter. Finally, Creative Planning raised its position in Summit Therapeutics by 6.7% in the 2nd quarter. Creative Planning now owns 21,390 shares of the company’s stock worth $455,000 after buying an additional 1,336 shares during the last quarter. 4.61% of the stock is owned by institutional investors.

Summit Therapeutics Company Profile

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.