Summit Therapeutics (NASDAQ:SMMT) Releases Quarterly Earnings Results, Beats Expectations By $0.03 EPS

Summit Therapeutics (NASDAQ:SMMT) posted its quarterly earnings data on Friday, May 1st. The company reported ($0.24) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.03, Zacks reports.

Summit Therapeutics Stock Performance

SMMT stock traded up $0.35 during trading on Monday, reaching $14.36. The company had a trading volume of 4,717,179 shares, compared to its average volume of 3,805,674. Summit Therapeutics has a twelve month low of $12.55 and a twelve month high of $30.98. The company has a market cap of $11.14 billion, a price-to-earnings ratio of -8.97 and a beta of -1.32. The firm has a 50-day simple moving average of $18.55 and a 200-day simple moving average of $17.35.

Analyst Ratings Changes

A number of analysts recently weighed in on SMMT shares. Truist Financial raised shares of Summit Therapeutics to a “strong-buy” rating in a research note on Wednesday, March 25th. Cantor Fitzgerald restated an “overweight” rating on shares of Summit Therapeutics in a report on Friday, May 22nd. Piper Sandler dropped their price objective on shares of Summit Therapeutics from $17.00 to $16.00 and set a “neutral” rating on the stock in a research note on Friday, May 1st. KeyCorp reissued an “overweight” rating on shares of Summit Therapeutics in a report on Monday, June 1st. Finally, Jefferies Financial Group lowered Summit Therapeutics from a “buy” rating to a “hold” rating and lowered their target price for the stock from $42.00 to $15.00 in a report on Monday, March 16th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Summit Therapeutics currently has an average rating of “Hold” and an average price target of $27.22.

Insider Buying and Selling at Summit Therapeutics

In other news, CEO Robert W. Duggan acquired 3,810,000 shares of the business’s stock in a transaction dated Friday, June 12th. The shares were acquired at an average cost of $13.12 per share, with a total value of $49,987,200.00. Following the completion of the acquisition, the chief executive officer 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 ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Manmeet Singh Soni bought 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 4th. The shares were purchased at an average cost of $14.45 per share, with a total value of $722,500.00. Following the acquisition, the chief financial officer directly owned 3,123,603 shares of the company’s stock, valued at approximately $45,136,063.35. This trade represents a 1.63% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last 90 days, insiders have bought 7,870,000 shares of company stock worth $103,616,900. 83.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Summit Therapeutics

Several hedge funds have recently added to or reduced their stakes in SMMT. Kestra Advisory Services LLC acquired a new stake in shares of Summit Therapeutics during the 4th quarter worth approximately $28,000. T. Rowe Price Investment Management Inc. grew its position in 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 buying an additional 1,805 shares during the period. Parallel Advisors LLC purchased a new position in Summit Therapeutics in the third quarter valued at $39,000. Truvestments Capital LLC increased its holdings in Summit Therapeutics by 200.2% in the fourth quarter. Truvestments Capital LLC now owns 2,603 shares of the company’s stock valued at $46,000 after buying an additional 1,736 shares in the last quarter. Finally, Quantbot Technologies LP acquired a new position in shares of Summit Therapeutics in the second quarter worth about $132,000. 4.61% of the stock is owned by hedge funds and other 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.