Summit Therapeutics (NASDAQ:SMMT) Issues Earnings Results

Summit Therapeutics (NASDAQ:SMMT) announced its quarterly earnings results on Monday. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.08), Zacks reports.

Summit Therapeutics Price Performance

Shares of NASDAQ SMMT opened at $18.84 on Tuesday. Summit Therapeutics has a 1 year low of $2.10 and a 1 year high of $33.89. The stock has a market cap of $13.89 billion, a P/E ratio of -67.28 and a beta of -0.88. The firm has a 50-day moving average of $19.91 and a 200 day moving average of $19.15.

Analyst Upgrades and Downgrades

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