Summit Therapeutics (NASDAQ:SMMT) Releases Quarterly Earnings Results

Summit Therapeutics (NASDAQ:SMMT) issued its quarterly earnings results on Wednesday. The company reported ($0.20) EPS for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.08, FiscalAI reports.

Summit Therapeutics Trading Up 2.3%

Shares of Summit Therapeutics stock traded up $0.37 during trading on Wednesday, hitting $16.17. 4,252,999 shares of the stock were exchanged, compared to its average volume of 4,628,353. The stock has a market capitalization of $12.93 billion, a price-to-earnings ratio of -14.44 and a beta of -1.49. The company has a fifty day moving average price of $16.15 and a 200-day moving average price of $16.16. Summit Therapeutics has a 1-year low of $12.07 and a 1-year high of $29.23.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on SMMT shares. Citigroup reissued a “market outperform” rating on shares of Summit Therapeutics in a research report on Tuesday, October 27th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Summit Therapeutics in a report on Tuesday, September 22nd. Stifel Nicolaus cut their price objective on shares of Summit Therapeutics from $45.00 to $38.00 and set a “buy” rating on the stock in a research report on Friday, July 24th. Guggenheim restated a “buy” rating on shares of Summit Therapeutics in a report on Wednesday, August 26th. Finally, UBS Group reissued a “neutral” rating on shares of Summit Therapeutics in a research report on Wednesday, September 23rd. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $28.61.

About Summit Therapeutics

Summit Therapeutics Inc is a biopharmaceutical company focused on developing and commercializing innovative medicines for the treatment of cancer. The company’s primary focus is oncology, with an emphasis on therapies designed to improve outcomes for patients with serious diseases.

Summit’s lead product candidate is ivonescimab, a bispecific antibody that is designed to combine immune checkpoint inhibition against PD-1 with anti-angiogenic activity targeting VEGF. The company is advancing ivonescimab in clinical studies for non-small cell lung cancer and is evaluating the therapy in combination with other cancer treatments and across additional treatment settings.

Summit holds exclusive rights to develop and commercialize ivonescimab in markets outside China through a licensing and collaboration agreement with Akeso, a China-based biopharmaceutical company.