Summit Therapeutics (NASDAQ:SMMT) Posts Quarterly Earnings Results, Hits Estimates

Summit Therapeutics (NASDAQ:SMMT) released its quarterly earnings results on Monday. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.08), Zacks reports. The firm had revenue of $0.20 million for the quarter.

Summit Therapeutics Price Performance

NASDAQ SMMT opened at $18.11 on Wednesday. Summit Therapeutics has a 12 month low of $2.10 and a 12 month high of $33.89. The company has a 50-day moving average of $19.90 and a 200-day moving average of $19.20. The company has a market cap of $13.36 billion, a P/E ratio of -64.68 and a beta of -0.88.

Analyst Upgrades and Downgrades

SMMT has been the subject of several research reports. Truist Financial initiated coverage on Summit Therapeutics in a research note on Wednesday, January 8th. They set a “buy” rating and a $35.00 price target for the company. HC Wainwright reaffirmed a “buy” rating and set a $44.00 price target on shares of Summit Therapeutics in a research note on Tuesday. JMP Securities started coverage on Summit Therapeutics in a research note on Monday, November 4th. They set a “market outperform” rating and a $32.00 price target for the company. Jefferies Financial Group started coverage on shares of Summit Therapeutics in a research note on Friday, December 6th. They issued a “buy” rating and a $31.00 target price for the company. Finally, StockNews.com downgraded shares of Summit Therapeutics from a “hold” rating to a “sell” rating in a research note on Tuesday. One analyst has rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, Summit Therapeutics presently has a consensus rating of “Moderate Buy” and an average price target of $33.57.

Summit Therapeutics Company Profile

Summit Therapeutics Inc, a biopharmaceutical company, focuses on discovery, development, and commercialization of patient, physician, caregiver, and societal friendly medicinal therapies in the United States, and the United Kingdom. The company’s lead development candidate is Ivonescimab, a bispecific antibody for immunotherapy through blockade of PD-1 with the anti-angiogenesis; and anti-infectives portfolio includes SMT-738, a novel class of precision antibiotics for the treatment of multidrug resistant infections, which primarily includes carbapenem-resistant Enterobacteriaceae infections.