Summit Therapeutics (NASDAQ:SMMT) Issues Earnings Results

24 Jul 2026, 17:10 by Kim Johansen · The Markets Daily

Summit Therapeutics (NASDAQ:SMMT – Get Free Report) released its earnings results on Thursday. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.01), Zacks reports.

Here are the key takeaways from Summit Therapeutics’ conference call:

Updated HARMONi OS data showed a hazard ratio of 0.76 in both the total population and Western patients, with management saying the benefit remained consistent as follow-up matured. The company also said no new safety signals emerged.
HARMONi-3 has completed enrollment in both squamous and non-squamous cohorts, and management still expects a PFS readout for the squamous cohort in the second half of this year. They also highlighted an interim OS look in the first half of 2027.
Ivonescimab pipeline expansion continues across multiple tumor types, including colorectal cancer and head and neck cancer, with the company emphasizing over 65 investigator-sponsored trials and multiple active global phase III studies. Management framed this as evidence of broad physician interest and platform potential.
FDA review of the BLA for ivonescimab plus chemo in EGFR-mutated NSCLC remains ongoing, with a PDUFA date of November 14 and the updated OS analysis already submitted to the agency. Management said it does not expect the date to move, but deferred to the FDA on any further action.
Financial position remained strong at about $690.7 million in cash, aided by ATM financing, while second-quarter operating expenses rose due to heavier R&D spending on HARMONi-GI3, HARMONi-3, and HARMONi-7. The company also filed for a new $380 million ATM to preserve flexibility.

Summit Therapeutics Trading Down 7.0%

SMMT stock traded down $1.05 during mid-day trading on Friday, reaching $13.93. The company’s stock had a trading volume of 3,312,141 shares, compared to its average volume of 3,950,175. Summit Therapeutics has a 12 month low of $12.55 and a 12 month high of $30.98. The business’s 50 day moving average price is $15.09 and its 200 day moving average price is $16.70. The company has a market cap of $10.81 billion, a price-to-earnings ratio of -8.71 and a beta of -1.26.

Insiders Place Their Bets

In related news, CEO Mahkam Zanganeh acquired 3,810,000 shares of Summit Therapeutics stock in a transaction dated Friday, June 12th. The stock was bought at an average price of $13.12 per share, with a total value of $49,987,200.00. Following the transaction, the chief executive officer directly owned 573,883,879 shares in the company, valued at $7,529,356,492.48. This represents a 0.67% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Manmeet Singh Soni acquired 50,000 shares of the stock in a transaction dated Thursday, June 4th. The stock was bought at an average price of $14.45 per share, with a total value of $722,500.00. Following the purchase, the chief financial officer directly owned 3,123,603 shares in the company, valued at $45,136,063.35. This represents a 1.63% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last three months, insiders have acquired 7,870,000 shares of company stock worth $103,616,900. Corporate insiders own 83.50% of the company’s stock.

Institutional Investors Weigh In On Summit Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of SMMT. Kestra Advisory Services LLC bought a new position in shares of Summit Therapeutics during the 4th quarter worth about $28,000. T. Rowe Price Investment Management Inc. increased its position in Summit Therapeutics by 2,654.4% in the 4th 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 in the last quarter. Parallel Advisors LLC acquired a new position in Summit Therapeutics during the 3rd quarter worth approximately $39,000. Truvestments Capital LLC boosted 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 worth $46,000 after acquiring an additional 1,736 shares in the last quarter. Finally, Quantbot Technologies LP acquired a new stake in Summit Therapeutics in the second quarter valued at approximately $132,000. 4.61% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have recently commented on SMMT. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Summit Therapeutics in a research note on Friday. KeyCorp reissued an “overweight” rating on shares of Summit Therapeutics in a research note on Monday, June 1st. Sanford C. Bernstein initiated coverage on shares of Summit Therapeutics in a report on Thursday, May 21st. They issued an “underperform” rating and a $7.70 target price on the stock. HC Wainwright restated a “neutral” rating on shares of Summit Therapeutics in a report on Thursday. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Summit Therapeutics in a research report on Friday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $26.15.

View Our Latest Stock Analysis on Summit Therapeutics

Key Stories Impacting Summit Therapeutics

Here are the key news stories impacting Summit Therapeutics this week:

Positive Sentiment: Investor interest in Summit Therapeutics surged in options markets, with call volume jumping sharply above normal levels, suggesting some traders are positioning for a rebound or upcoming catalyst. MarketBeat SMMT options news
Positive Sentiment: Summit and Arcus Biosciences announced a clinical trial collaboration to evaluate casdatifan combined with ivonescimab in kidney cancer, expanding ivonescimab’s development program and potential market opportunities. Arcus Biosciences and Summit Therapeutics collaboration
Positive Sentiment: The company said ivonescimab continues to show clinical momentum, with updated survival data from the HARMONi study and broader late-stage development progress supporting the long-term investment case. Zacks updated ivonescimab survival data
Positive Sentiment: Analysts noted improving survival data and the FDA acceptance of the BLA for ivonescimab plus chemotherapy in EGFR-mutant NSCLC, which keeps a major regulatory catalyst in focus. Seeking Alpha rating upgrade article
Neutral Sentiment: Summit’s earnings call transcript and presentation highlighted operational progress, but these items largely repeat the company’s existing clinical update rather than adding a new major catalyst. Q2 2026 earnings call transcript
Negative Sentiment: Q2 results showed a wider loss than expected and no revenue, which is weighing on sentiment and reinforcing the company’s ongoing dependence on clinical execution rather than commercial sales. Business Wire Q2 results

About Summit Therapeutics

(Get Free Report)

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.