Summit Therapeutics (NASDAQ:SMMT) Releases Earnings Results, Misses Estimates By $0.66 EPS

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) posted its quarterly earnings results on Monday. The company reported ($0.76) EPS for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.66), Zacks reports.

Summit Therapeutics Stock Performance

SMMT stock traded up $1.73 during midday trading on Wednesday, reaching $27.42. 3,660,975 shares of the company traded hands, compared to its average volume of 3,643,571. Summit Therapeutics has a 52-week low of $10.98 and a 52-week high of $36.91. The business has a 50 day moving average of $24.08 and a 200-day moving average of $22.68. The firm has a market capitalization of $20.36 billion, a price-to-earnings ratio of -27.29 and a beta of -1.06.

Analyst Upgrades and Downgrades

A number of research firms have commented on SMMT. Leerink Partnrs raised Summit Therapeutics to a "strong sell" rating in a report on Wednesday, June 11th. The Goldman Sachs Group boosted their target price on Summit Therapeutics from $37.00 to $41.00 and gave the stock a "buy" rating in a research report on Friday, May 2nd. Cantor Fitzgerald reiterated an "overweight" rating on shares of Summit Therapeutics in a research report on Wednesday, April 23rd. JMP Securities reiterated a "market outperform" rating and issued a $40.00 target price on shares of Summit Therapeutics in a research report on Monday, June 2nd. Finally, TD Cowen upgraded Summit Therapeutics to a "strong-buy" rating in a research report on Thursday, May 8th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Summit Therapeutics currently has an average rating of "Moderate Buy" and an average price target of $35.00.

Institutional Investors Weigh In On Summit Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. AQR Capital Management LLC raised its position in Summit Therapeutics by 5.0% during the first quarter. AQR Capital Management LLC now owns 65,623 shares of the company's stock valued at $1,266,000 after purchasing an additional 3,134 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Summit Therapeutics by 1.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,411 shares of the company's stock valued at $1,273,000 after buying an additional 694 shares during the last quarter. Legal & General Group Plc grew its stake in shares of Summit Therapeutics by 33.8% during the second quarter. Legal & General Group Plc now owns 26,367 shares of the company's stock valued at $561,000 after buying an additional 6,662 shares during the last quarter. Creative Planning grew its stake in shares of Summit Therapeutics by 6.7% during the second quarter. Creative Planning now owns 21,390 shares of the company's stock valued at $455,000 after buying an additional 1,336 shares during the last quarter. Finally, Quantbot Technologies LP bought a new position in shares of Summit Therapeutics during the second quarter valued at approximately $132,000. 4.61% of the stock is currently owned by hedge funds and other institutional investors.

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.