Summit Therapeutics (NASDAQ:SMMT) Announces Quarterly Earnings Results

Key Points

• Summit Therapeutics reported a quarterly loss of ($0.31) earnings per share, missing the consensus estimate of ($0.14) by ($0.17).
• Despite the earnings miss, several analysts have raised price targets for the stock, with an average consensus target of $31.86 and a "Moderate Buy" rating.
• Insider activity showed significant confidence, with CEO Mahkam Zanganeh and another executive purchasing shares at an average price of $18.07, increasing their holdings in the company.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) announced its earnings results on Monday. The company reported ($0.31) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.17), Zacks reports.

Summit Therapeutics Stock Performance

SMMT opened at $20.03 on Tuesday. Summit Therapeutics has a fifty-two week low of $15.55 and a fifty-two week high of $36.91. The company has a fifty day moving average of $22.32 and a two-hundred day moving average of $23.42. The stock has a market capitalization of $14.88 billion, a price-to-earnings ratio of -19.83 and a beta of -1.13.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on SMMT shares. Evercore ISI raised their price target on shares of Summit Therapeutics from $30.00 to $34.00 and gave the stock an "outperform" rating in a report on Tuesday, August 12th. HC Wainwright reissued a "buy" rating and set a $50.00 target price on shares of Summit Therapeutics in a report on Tuesday, September 16th. Summit Redstone set a $13.00 target price on shares of Summit Therapeutics in a report on Tuesday, September 16th. Cantor Fitzgerald reissued an "overweight" rating on shares of Summit Therapeutics in a report on Monday, September 8th. Finally, JMP Securities reissued a "market outperform" rating and set a $40.00 target price on shares of Summit Therapeutics in a report on Monday. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have assigned a Hold rating and four have issued a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $31.86.

Insider Activity

In related news, CEO Mahkam Zanganeh bought 5,000 shares of the company's stock in a transaction dated Thursday, September 11th. The shares were acquired at an average price of $18.07 per share, for a total transaction of $90,350.00. Following the completion of the transaction, the chief executive officer directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Robert W. Duggan bought 5,000 shares of the company's stock in a transaction dated Thursday, September 11th. The stock was bought at an average price of $18.07 per share, for a total transaction of $90,350.00. Following the transaction, the chief executive officer owned 556,093,090 shares of the company's stock, valued at approximately $10,048,602,136.30. This trade represents a 0.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders bought 676,788 shares of company stock worth $11,969,512. Company insiders own 84.90% of the company's stock.

Hedge Funds Weigh In On Summit Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the company. Quantbot Technologies LP purchased a new position in shares of Summit Therapeutics in the second quarter valued at approximately $132,000. California State Teachers Retirement System lifted its position in shares of Summit Therapeutics by 62.3% in the second quarter. California State Teachers Retirement System now owns 7,368 shares of the company's stock valued at $157,000 after acquiring an additional 2,828 shares in the last quarter. Amundi purchased a new position in shares of Summit Therapeutics in the second quarter valued at approximately $258,000. Jump Financial LLC purchased a new position in shares of Summit Therapeutics in the second quarter valued at approximately $244,000. Finally, Oxford Asset Management LLP purchased a new position in shares of Summit Therapeutics in the second quarter valued at approximately $245,000. Hedge funds and other institutional investors own 4.61% of the company's stock.

About Summit Therapeutics

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.

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