Cantor Fitzgerald Has Weak Forecast for SMMT FY2025 Earnings

Key Points

• Cantor Fitzgerald has lowered its FY2025 earnings estimate for Summit Therapeutics to ($1.47) per share from a previous forecast of ($1.13), while maintaining an "Overweight" rating on the stock.
• Citigroup increased their target price for Summit Therapeutics from $35 to $40 and assigned a "buy" rating, reflecting a positive outlook from multiple analysts.
• Summit Therapeutics reported quarterly earnings of ($0.31) per share, missing expectations of ($0.14) by ($0.17), indicating ongoing challenges in meeting financial forecasts.

Summit Therapeutics PLC (NASDAQ:SMMT - Free Report) - Equities research analysts at Cantor Fitzgerald cut their FY2025 earnings estimates for shares of Summit Therapeutics in a research report issued to clients and investors on Tuesday, October 21st. Cantor Fitzgerald analyst E. Schmidt now anticipates that the company will post earnings per share of ($1.47) for the year, down from their prior forecast of ($1.13). Cantor Fitzgerald has a "Overweight" rating on the stock. The consensus estimate for Summit Therapeutics' current full-year earnings is ($0.30) per share.

A number of other research analysts also recently commented on the company. Citigroup increased their target price on Summit Therapeutics from $35.00 to $40.00 and gave the company a "buy" rating in a research report on Monday. Guggenheim reiterated a "buy" rating and set a $40.00 target price on shares of Summit Therapeutics in a research report on Wednesday. UBS Group began coverage on Summit Therapeutics in a research report on Tuesday, July 1st. They set a "buy" rating and a $30.00 target price for the company. HC Wainwright lowered their target price on Summit Therapeutics from $50.00 to $40.00 and set a "buy" rating for the company in a research report on Tuesday. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Summit Therapeutics in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, two have given a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $31.14.

Summit Therapeutics Stock Performance

NASDAQ SMMT opened at $19.16 on Thursday. The company has a market capitalization of $14.26 billion, a P/E ratio of -15.45 and a beta of -1.13. Summit Therapeutics has a one year low of $15.55 and a one year high of $36.91. The stock has a 50 day moving average price of $22.02 and a 200-day moving average price of $23.36.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last announced its quarterly earnings data on Monday, October 20th. The company reported ($0.31) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.14) by ($0.17).

Insiders Place Their Bets

In other Summit Therapeutics news, CEO Robert W. Duggan bought 5,000 shares of the firm's stock in a transaction dated Thursday, September 11th. The stock was acquired at an average cost of $18.07 per share, for a total transaction of $90,350.00. Following the completion of the transaction, the chief executive officer owned 556,093,090 shares in the company, valued at $10,048,602,136.30. This trade represents a 0.00% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Mahkam Zanganeh bought 5,000 shares of the firm's stock in a transaction dated Thursday, September 11th. The shares were acquired at an average price of $18.07 per share, with a total value of $90,350.00. Following the completion of the transaction, the chief executive officer owned 556,093,090 shares of the company's stock, valued at approximately $10,048,602,136.30. The trade was a 0.00% increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 676,788 shares of company stock valued at $11,969,512. 84.90% of the stock is owned by corporate insiders.

Institutional Trading of Summit Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in SMMT. Janney Montgomery Scott LLC lifted its position in shares of Summit Therapeutics by 12.1% during the first quarter. Janney Montgomery Scott LLC now owns 17,610 shares of the company's stock worth $340,000 after purchasing an additional 1,894 shares during the last quarter. Golden State Wealth Management LLC increased its stake in shares of Summit Therapeutics by 100.0% during the first quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company's stock valued at $29,000 after buying an additional 751 shares during the period. Lisanti Capital Growth LLC purchased a new position in shares of Summit Therapeutics during the first quarter valued at $1,039,000. Sovran Advisors LLC increased its stake in shares of Summit Therapeutics by 25.1% during the first quarter. Sovran Advisors LLC now owns 146,528 shares of the company's stock valued at $2,827,000 after buying an additional 29,354 shares during the period. Finally, Principal Financial Group Inc. increased its stake in shares of Summit Therapeutics by 20.1% during the first quarter. Principal Financial Group Inc. now owns 246,429 shares of the company's stock valued at $4,754,000 after buying an additional 41,279 shares during the period. 4.61% of the stock is currently owned by institutional investors.

Summit Therapeutics Company Profile

Summit Therapeutics Inc, a biopharmaceutical company, focuses on discovery, development, and commercialization of patient, physician, caregiver, and societal friendly medicinal therapies in the United States, and the United Kingdom. The company's lead development candidate is Ivonescimab, a bispecific antibody for immunotherapy through blockade of PD-1 with the anti-angiogenesis; and anti-infectives portfolio includes SMT-738, a novel class of precision antibiotics for the treatment of multidrug resistant infections, which primarily includes carbapenem-resistant Enterobacteriaceae infections.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.