Summit Therapeutics (NASDAQ:SMMT) Posts Quarterly Earnings Results, Beats Expectations By $0.13 EPS

by · The Markets Daily

Summit Therapeutics (NASDAQ:SMMT – Get Free Report) released its quarterly earnings data on Monday. The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.13, FiscalAI reports.

Summit Therapeutics Stock Up 0.9%

NASDAQ SMMT traded up $0.15 on Monday, reaching $16.09. The company had a trading volume of 2,092,250 shares, compared to its average volume of 2,878,271. Summit Therapeutics has a 52-week low of $13.83 and a 52-week high of $36.91. The stock has a market capitalization of $12.41 billion, a P/E ratio of -12.98 and a beta of -1.44. The company’s fifty day moving average is $16.64 and its 200 day moving average is $19.28.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on SMMT. Wolfe Research started coverage on shares of Summit Therapeutics in a research note on Tuesday, November 18th. They set a “peer perform” rating on the stock. Zacks Research lowered Summit Therapeutics from a “hold” rating to a “strong sell” rating in a research report on Wednesday, February 4th. Piper Sandler set a $40.00 target price on Summit Therapeutics in a research report on Wednesday, January 14th. Summit Redstone set a $18.00 price target on Summit Therapeutics in a report on Wednesday, December 17th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Summit Therapeutics in a research note on Thursday, January 22nd. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, three have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $33.08.

Get Our Latest Stock Report on Summit Therapeutics

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD grew its stake in Summit Therapeutics by 106.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 9,371,415 shares of the company’s stock valued at $163,907,000 after buying an additional 4,832,592 shares in the last quarter. Readystate Asset Management LP purchased a new stake in shares of Summit Therapeutics during the fourth quarter valued at approximately $5,355,000. State Street Corp increased its position in shares of Summit Therapeutics by 4.3% in the fourth quarter. State Street Corp now owns 6,636,361 shares of the company’s stock valued at $116,070,000 after acquiring an additional 274,425 shares during the period. Marshall Wace LLP purchased a new stake in Summit Therapeutics in the 2nd quarter worth approximately $5,781,000. Finally, HRT Financial LP purchased a new stake in shares of Summit Therapeutics in the 2nd quarter worth about $5,143,000. 4.61% of the stock is owned by institutional investors.

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.

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