Summit Therapeutics (NASDAQ:SMMT) Announces Quarterly Earnings Results, Hits Expectations

Summit Therapeutics (NASDAQ:SMMT) posted its earnings results on Monday. The company reported ($0.08) EPS for the quarter, hitting the consensus estimate of ($0.08), Zacks reports.

Summit Therapeutics Stock Down 4.1 %

SMMT opened at $22.12 on Monday. The business has a fifty day moving average of $19.91 and a 200 day moving average of $19.09. The stock has a market cap of $16.31 billion, a P/E ratio of -79.00 and a beta of -0.88. Summit Therapeutics has a 52-week low of $2.10 and a 52-week high of $33.89.

Analysts Set New Price Targets

SMMT has been the subject of a number of recent research reports. Wells Fargo & Company began coverage on Summit Therapeutics in a research report on Wednesday, December 11th. They issued an “overweight” rating and a $30.00 target price for the company. HC Wainwright reaffirmed a “buy” rating and issued a $44.00 target price on shares of Summit Therapeutics in a research report on Tuesday, January 21st. Truist Financial began coverage on shares of Summit Therapeutics in a research report on Wednesday, January 8th. They set a “buy” rating and a $35.00 price objective on the stock. Jefferies Financial Group began coverage on Summit Therapeutics in a report on Friday, December 6th. They issued a “buy” rating and a $31.00 target price on the stock. Finally, JMP Securities started coverage on Summit Therapeutics in a report on Monday, November 4th. They issued a “market outperform” rating and a $32.00 target price on the stock. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $33.57.

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.