Summit Therapeutics (NASDAQ:SMMT) Releases Earnings Results

Summit Therapeutics (NASDAQ:SMMT) issued its quarterly earnings data on Monday. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.27) by $0.13, FiscalAI reports.

Summit Therapeutics Price Performance

SMMT stock traded up $0.15 during midday trading on Monday, hitting $16.09. The stock had a trading volume of 2,086,769 shares, compared to its average volume of 2,860,698. The business has a 50-day moving average of $16.64 and a two-hundred day moving average of $19.28. The firm has a market cap of $12.41 billion, a price-to-earnings ratio of -12.98 and a beta of -1.44. Summit Therapeutics has a 52-week low of $13.83 and a 52-week high of $36.91.

Wall Street Analysts Forecast Growth

A number of research firms have commented on SMMT. Wolfe Research began coverage on Summit Therapeutics in a research report on Tuesday, November 18th. They set a “peer perform” rating for the company. Citizens Jmp reiterated a “market outperform” rating and issued a $40.00 price objective on shares of Summit Therapeutics in a research report on Friday, January 30th. Citigroup reissued a “market outperform” rating on shares of Summit Therapeutics in a research note on Friday, January 30th. Zacks Research lowered Summit Therapeutics from a “hold” rating to a “strong sell” rating in a research note on Wednesday, February 4th. Finally, Piper Sandler set a $40.00 price target on shares of Summit Therapeutics in a report on Wednesday, January 14th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, three have issued a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $33.08.

Institutional Trading of Summit Therapeutics

Hedge funds have recently modified their holdings of the business. Kestra Advisory Services LLC bought a new position in shares of Summit Therapeutics in the 4th quarter worth about $28,000. T. Rowe Price Investment Management Inc. increased its stake in shares of Summit Therapeutics by 2,654.4% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,873 shares of the company’s stock valued at $33,000 after purchasing an additional 1,805 shares in the last quarter. Parallel Advisors LLC bought a new position in shares of Summit Therapeutics during the third quarter valued at approximately $39,000. Truvestments Capital LLC lifted its holdings in shares of Summit Therapeutics by 200.2% during the fourth quarter. Truvestments Capital LLC now owns 2,603 shares of the company’s stock valued at $46,000 after purchasing an additional 1,736 shares during the last quarter. Finally, Quantbot Technologies LP bought a new stake in shares of Summit Therapeutics in the 2nd quarter worth approximately $132,000. Institutional investors own 4.61% of the company’s stock.

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.