Summit Therapeutics (NASDAQ:SMMT) Issues Quarterly Earnings Results, Beats Estimates By $0.03 EPS
by Renee Jackson · The Cerbat GemSummit Therapeutics (NASDAQ:SMMT – Get Free Report) posted its quarterly earnings results on Thursday. The company reported ($0.24) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.27) by $0.03, Zacks reports.
Summit Therapeutics Trading Down 24.9%
NASDAQ SMMT traded down $5.35 during trading on Friday, reaching $16.11. The company’s stock had a trading volume of 18,095,313 shares, compared to its average volume of 3,831,624. The firm has a market capitalization of $12.50 billion, a price-to-earnings ratio of -11.11 and a beta of -1.25. Summit Therapeutics has a 12 month low of $13.83 and a 12 month high of $30.98. The firm has a 50 day moving average price of $18.43 and a 200 day moving average price of $17.87.
Wall Street Analyst Weigh In
Several brokerages have weighed in on SMMT. HC Wainwright decreased their price target on shares of Summit Therapeutics from $40.00 to $30.00 and set a “buy” rating on the stock in a research note on Tuesday, February 24th. Piper Sandler reduced their price objective on shares of Summit Therapeutics from $17.00 to $16.00 and set a “neutral” rating on the stock in a research note on Friday. Stifel Nicolaus began coverage on shares of Summit Therapeutics in a research report on Wednesday, April 8th. They set a “buy” rating and a $45.00 price target on the stock. Truist Financial raised shares of Summit Therapeutics to a “strong-buy” rating in a research report on Wednesday, March 25th. Finally, Citigroup began coverage on shares of Summit Therapeutics in a report on Wednesday, April 8th. They set a “buy” rating on the stock. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Summit Therapeutics presently has an average rating of “Moderate Buy” and an average price target of $28.17.
Read Our Latest Research Report on SMMT
Institutional Inflows and Outflows
Institutional investors have recently bought and sold shares of the business. AQR Capital Management LLC lifted its stake in Summit Therapeutics by 5.0% in the 1st 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 last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position 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 worth $1,273,000 after buying an additional 694 shares during the period. Creative Planning increased its position in shares of Summit Therapeutics by 6.7% during the second quarter. Creative Planning now owns 21,390 shares of the company’s stock worth $455,000 after buying an additional 1,336 shares during the period. Legal & General Group Plc increased its position 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 worth $561,000 after buying an additional 6,662 shares during the period. Finally, Quantbot Technologies LP bought a new position in Summit Therapeutics during the second quarter worth $132,000. Institutional investors and hedge funds own 4.61% of the company’s stock.
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.