Summit Therapeutics (NASDAQ:SMMT) Announces Earnings Results

Key Points

• Summit Therapeutics reported earnings of ($0.76) EPS for the quarter, falling short of the consensus estimate of ($0.10) by a significant $0.66.
• Following the earnings report, shares of SMMT decreased by $0.41 to reach a price of $28.25, with significantly lower trading volume compared to its average.
• Wall Street analysts maintain a consensus rating of "Moderate Buy" for Summit Therapeutics, with target prices ranging from $12.00 to $44.00 across various firms.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) announced its earnings results on Monday. The company reported ($0.76) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.66), Zacks reports.

Summit Therapeutics Stock Up 2.1%

Shares of NASDAQ:SMMT traded up $0.56 during trading on Friday, reaching $27.01. 311,708 shares of the company traded hands, compared to its average volume of 3,630,814. The company's 50 day moving average is $24.36 and its two-hundred day moving average is $22.73. The firm has a market capitalization of $20.06 billion, a PE ratio of -26.74 and a beta of -1.06. Summit Therapeutics has a 52 week low of $11.29 and a 52 week high of $36.91.

Institutional Trading of Summit Therapeutics

A number of institutional investors have recently modified their holdings of the stock. Quantbot Technologies LP acquired a new position in shares of Summit Therapeutics during the 2nd quarter worth $132,000. California State Teachers Retirement System raised its holdings in shares of Summit Therapeutics by 62.3% during the 2nd quarter. California State Teachers Retirement System now owns 7,368 shares of the company's stock worth $157,000 after buying an additional 2,828 shares in the last quarter. Amundi acquired a new position in shares of Summit Therapeutics during the 2nd quarter worth $258,000. Jump Financial LLC acquired a new position in shares of Summit Therapeutics during the 2nd quarter worth $244,000. Finally, Raymond James Financial Inc. acquired a new position in shares of Summit Therapeutics during the 2nd quarter worth $249,000. 4.61% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on SMMT shares. HC Wainwright reissued a "buy" rating and issued a $44.00 target price on shares of Summit Therapeutics in a research report on Friday. Leerink Partnrs raised Summit Therapeutics to a "strong sell" rating in a research report on Wednesday, June 11th. TD Cowen raised Summit Therapeutics to a "strong-buy" rating in a research report on Thursday, May 8th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Summit Therapeutics in a research report on Wednesday, April 23rd. Finally, The Goldman Sachs Group boosted their price target on Summit Therapeutics from $37.00 to $41.00 and gave the stock a "buy" rating in a research report on Friday, May 2nd. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Summit Therapeutics presently has a consensus rating of "Moderate Buy" and an average price target of $35.00.

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.