Summit Therapeutics (NASDAQ:SMMT) Shares Gap Down After Earnings Miss

Summit Therapeutics PLC (NASDAQ:SMMT) gapped down prior to trading on Tuesday following a weaker than expected earnings announcement. The stock had previously closed at $28.25, but opened at $27.06. Summit Therapeutics shares last traded at $27.40, with a volume of 985,195 shares trading hands.

The company reported ($0.76) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.66).

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on SMMT. TD Cowen raised shares of Summit Therapeutics to a “strong-buy” rating in a research report on Thursday, May 8th. Cantor Fitzgerald restated an “overweight” rating on shares of Summit Therapeutics in a report on Wednesday, April 23rd. Leerink Partnrs upgraded shares of Summit Therapeutics to a “strong sell” rating in a report on Wednesday, June 11th. Evercore ISI raised their price objective on shares of Summit Therapeutics from $30.00 to $34.00 and gave the company an “outperform” rating in a research report on Tuesday. Finally, Leerink Partners began coverage on shares of Summit Therapeutics in a research report on Wednesday, June 11th. They set an “underperform” rating and a $12.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, one has issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Summit Therapeutics currently has an average rating of “Moderate Buy” and a consensus price target of $35.00.

Institutional Investors Weigh In On Summit Therapeutics

Institutional investors have recently bought and sold shares of the business. Ball & Co Wealth Management Inc. acquired a new stake in Summit Therapeutics during the second quarter worth $31,000. Golden State Wealth Management LLC boosted its stake in Summit Therapeutics by 100.0% during the first quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company’s stock worth $29,000 after buying an additional 751 shares in the last quarter. CWM LLC boosted its stake in Summit Therapeutics by 3,455.3% during the first quarter. CWM LLC now owns 1,671 shares of the company’s stock worth $32,000 after buying an additional 1,624 shares in the last quarter. SBI Securities Co. Ltd. boosted its stake in Summit Therapeutics by 34.1% during the second quarter. SBI Securities Co. Ltd. now owns 1,756 shares of the company’s stock worth $37,000 after buying an additional 447 shares in the last quarter. Finally, AlphaQuest LLC acquired a new stake in Summit Therapeutics during the first quarter worth $49,000. Institutional investors and hedge funds own 4.61% of the company’s stock.

Summit Therapeutics Price Performance

The stock’s 50 day simple moving average is $24.08 and its two-hundred day simple moving average is $22.68. The stock has a market cap of $19.07 billion, a price-to-earnings ratio of -25.43 and a beta of -1.06.

About Summit Therapeutics

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.