Summit Therapeutics (NASDAQ:SMMT) Releases Earnings Results, Beats Estimates By $0.08 EPS

Summit Therapeutics (NASDAQ:SMMT) issued its earnings results on Thursday. The company reported ($0.19) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.08, FiscalAI reports.

Summit Therapeutics Stock Performance

Shares of Summit Therapeutics stock traded up $0.24 during trading on Thursday, hitting $14.98. 3,122,995 shares of the stock traded hands, compared to its average volume of 3,949,282. The stock has a market cap of $11.63 billion, a P/E ratio of -9.36 and a beta of -1.26. The company has a fifty day moving average price of $15.16 and a two-hundred day moving average price of $16.72. Summit Therapeutics has a twelve month low of $12.55 and a twelve month high of $30.98.

Insider Buying and Selling

In other Summit Therapeutics news, CFO Manmeet Singh Soni acquired 50,000 shares of the business’s stock in a transaction that occurred on Thursday, June 4th. The shares were purchased at an average price of $14.45 per share, with a total value of $722,500.00. Following the completion of the transaction, the chief financial officer owned 3,123,603 shares in the company, valued at $45,136,063.35. The trade was a 1.63% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Mahkam Zanganeh bought 3,810,000 shares of the firm’s stock in a transaction on Friday, June 12th. The stock was acquired at an average cost of $13.12 per share, with a total value of $49,987,200.00. Following the completion of the transaction, the chief executive officer directly owned 573,883,879 shares of the company’s stock, valued at approximately $7,529,356,492.48. This represents a 0.67% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders have bought 7,870,000 shares of company stock worth $103,616,900. Insiders own 83.50% of the company’s stock.

Institutional Investors Weigh In On Summit Therapeutics

Large investors have recently bought and sold shares of the business. Kestra Advisory Services LLC acquired a new stake in shares of Summit Therapeutics in the fourth quarter worth about $28,000. T. Rowe Price Investment Management Inc. boosted its stake in shares of Summit Therapeutics by 2,654.4% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,873 shares of the company’s stock worth $33,000 after acquiring an additional 1,805 shares in the last quarter. Parallel Advisors LLC acquired a new position in shares of Summit Therapeutics during the 3rd quarter valued at about $39,000. Truvestments Capital LLC increased its holdings 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 acquiring an additional 1,736 shares during the last quarter. Finally, Quantbot Technologies LP bought a new position in shares of Summit Therapeutics in the 2nd quarter valued at approximately $132,000. 4.61% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the company. Citigroup began coverage on Summit Therapeutics in a research note on Wednesday, April 8th. They issued a “buy” rating on the stock. Wall Street Zen lowered shares of Summit Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, July 18th. Piper Sandler decreased their price objective on shares of Summit Therapeutics from $17.00 to $16.00 and set a “neutral” rating for the company in a research note on Friday, May 1st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Summit Therapeutics in a research report on Friday, July 17th. Finally, Sanford C. Bernstein started coverage on shares of Summit Therapeutics in a research note on Thursday, May 21st. They set an “underperform” rating and a $7.70 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Summit Therapeutics currently has a consensus rating of “Hold” and a consensus target price of $26.97.

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.