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

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

Summit Therapeutics Stock Up 0.9%

SMMT traded up $0.15 during trading on Monday, hitting $16.09. The company’s stock had a trading volume of 2,086,769 shares, compared to its average volume of 2,860,698. The business’s 50 day simple moving average is $16.64 and its 200-day simple moving average is $19.28. The firm has a market cap of $12.41 billion, a PE ratio of -12.98 and a beta of -1.44. Summit Therapeutics has a one year low of $13.83 and a one year high of $36.91.

Wall Street Analysts Forecast Growth

SMMT has been the subject of a number of research analyst reports. Summit Redstone set a $18.00 target price on Summit Therapeutics in a report on Wednesday, December 17th. Barclays raised Summit Therapeutics from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $16.00 to $18.00 in a research report on Wednesday, December 17th. Wolfe Research assumed 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 shares of Summit Therapeutics from a “hold” rating to a “strong sell” rating in a research note on Wednesday, February 4th. Finally, Piper Sandler set a $40.00 price objective on shares of Summit Therapeutics in a report on Wednesday, January 14th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, three have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $33.08.

Institutional Investors Weigh In On Summit Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Kestra Advisory Services LLC purchased a new position in Summit Therapeutics during the fourth quarter valued at $28,000. T. Rowe Price Investment Management Inc. increased its position in Summit Therapeutics by 2,654.4% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,873 shares of the company’s stock worth $33,000 after buying an additional 1,805 shares in the last quarter. Parallel Advisors LLC bought a new position in shares of Summit Therapeutics in the third quarter worth about $39,000. Truvestments Capital LLC lifted its position in shares of Summit Therapeutics by 200.2% during the 4th quarter. Truvestments Capital LLC now owns 2,603 shares of the company’s stock valued at $46,000 after buying an additional 1,736 shares in the last quarter. Finally, Quantbot Technologies LP bought a new position in shares of Summit Therapeutics during the 2nd quarter valued at approximately $132,000. 4.61% of the stock is currently owned by hedge funds and other institutional investors.

Summit Therapeutics Company Profile

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.