Summit Therapeutics (NASDAQ:SMMT) Posts Quarterly Earnings Results, Misses Estimates By $0.01 EPS

Summit Therapeutics (NASDAQ:SMMT) announced its quarterly earnings data on Thursday. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.27) by ($0.01), Zacks reports.

Here are the key takeaways from Summit Therapeutics’ conference call:

• Updated HARMONi OS data showed a hazard ratio of 0.76 in both the total population and Western patients, with management saying the benefit remained consistent as follow-up matured. The company also said no new safety signals emerged.
• HARMONi-3 has completed enrollment in both squamous and non-squamous cohorts, and management still expects a PFS readout for the squamous cohort in the second half of this year. They also highlighted an interim OS look in the first half of 2027.
• Ivonescimab pipeline expansion continues across multiple tumor types, including colorectal cancer and head and neck cancer, with the company emphasizing over 65 investigator-sponsored trials and multiple active global phase III studies. Management framed this as evidence of broad physician interest and platform potential.
• FDA review of the BLA for ivonescimab plus chemo in EGFR-mutated NSCLC remains ongoing, with a PDUFA date of November 14 and the updated OS analysis already submitted to the agency. Management said it does not expect the date to move, but deferred to the FDA on any further action.
• Financial position remained strong at about $690.7 million in cash, aided by ATM financing, while second-quarter operating expenses rose due to heavier R&D spending on HARMONi-GI3, HARMONi-3, and HARMONi-7. The company also filed for a new $380 million ATM to preserve flexibility.

Summit Therapeutics Stock Performance

SMMT opened at $13.66 on Friday. Summit Therapeutics has a one year low of $12.55 and a one year high of $30.98. The stock has a market capitalization of $10.60 billion, a P/E ratio of -12.20 and a beta of -1.26. The business’s 50-day simple moving average is $15.03 and its 200-day simple moving average is $16.68.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on SMMT shares. Guggenheim reduced their target price on shares of Summit Therapeutics from $40.00 to $38.00 and set a “buy” rating on the stock in a report on Friday. Stifel Nicolaus dropped 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. HC Wainwright restated a “neutral” rating on shares of Summit Therapeutics in a report on Thursday. KeyCorp reaffirmed an “overweight” rating on shares of Summit Therapeutics in a research report on Monday, June 1st. Finally, Sanford C. Bernstein started coverage on shares of Summit Therapeutics in a research note on Thursday, May 21st. They set an “underperform” rating and a $7.70 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $26.15.

Key Summit Therapeutics News

Here are the key news stories impacting Summit Therapeutics this week:

• Positive Sentiment: Summit reported updated Phase III survival data for its HARMONi lung cancer study and said its lead drug ivonescimab continues to advance, including new development collaborations that broaden its pipeline optionality. Article Title
• Positive Sentiment: Unusually heavy options activity, with call volume far above normal, suggests traders are positioning for a possible rebound or additional catalyst-driven upside.
• Neutral Sentiment: The company’s Q2 earnings call and presentation focused on clinical and operational progress, keeping attention on future data readouts rather than near-term revenue generation. Article Title
• Neutral Sentiment: HC Wainwright reaffirmed a neutral rating, reinforcing that analysts remain cautious while waiting for clearer evidence that ivonescimab can deliver commercially meaningful results. Article Title
• Negative Sentiment: Summit posted a wider-than-expected Q2 loss with no revenue, highlighting continued cash burn and reliance on future clinical success to justify its valuation. Article Title
• Negative Sentiment: An article noted that analyst expectations were being tempered after the initial lung cancer survival data, which may be pressuring sentiment and contributing to the stock’s recent weakness. Article Title

Insider Activity at Summit Therapeutics

In other news, CEO Robert W. Duggan purchased 3,810,000 shares of the company’s stock in a transaction that occurred on Friday, June 12th. The shares were purchased at an average price of $13.12 per share, for a total transaction of $49,987,200.00. Following the purchase, the chief executive officer directly owned 573,883,879 shares of the company’s stock, valued at $7,529,356,492.48. This represents a 0.67% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Mahkam Zanganeh purchased 3,810,000 shares of the business’s stock in a transaction on Friday, June 12th. The shares were purchased at an average cost of $13.12 per share, for a total transaction of $49,987,200.00. Following the transaction, the chief executive officer owned 573,883,879 shares of the company’s stock, valued at $7,529,356,492.48. This trade represents a 0.67% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought a total of 7,870,000 shares of company stock valued at $103,616,900 in the last three months. 83.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Summit Therapeutics

A number of hedge funds have recently modified their holdings of the business. T. Rowe Price Investment Management Inc. raised its position in Summit Therapeutics by 2,654.4% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,873 shares of the company’s stock valued at $33,000 after purchasing an additional 1,805 shares during the last quarter. Invesco Ltd. increased its stake in Summit Therapeutics by 8.3% in the fourth quarter. Invesco Ltd. now owns 461,301 shares of the company’s stock valued at $8,068,000 after purchasing an additional 35,226 shares during the period. Beacon Pointe Advisors LLC raised its holdings in shares of Summit Therapeutics by 10.9% in the fourth quarter. Beacon Pointe Advisors LLC now owns 39,611 shares of the company’s stock valued at $693,000 after buying an additional 3,885 shares during the last quarter. Virtus Investment Advisers LLC raised its holdings in shares of Summit Therapeutics by 168.3% in the fourth quarter. Virtus Investment Advisers LLC now owns 15,141 shares of the company’s stock valued at $265,000 after buying an additional 9,497 shares during the last quarter. Finally, Tudor Investment Corp ET AL boosted its stake in shares of Summit Therapeutics by 21.8% during the fourth quarter. Tudor Investment Corp ET AL now owns 423,084 shares of the company’s stock worth $7,400,000 after buying an additional 75,843 shares during the period. 4.61% of the stock is currently owned by hedge funds and other institutional investors.

Summit Therapeutics Company Profile

Summit Therapeutics plc is a clinical?stage biotechnology company dedicated to the discovery and development of precision medicines for serious and life?threatening diseases. The company applies a targeted approach to drug design, focusing on novel mechanisms of action that differentiate its candidates from existing therapies.

Summit’s lead asset, ridinilazole (formerly SMT19969), is being developed to treat Clostridioides difficile infections and has received both Fast Track and Qualified Infectious Disease Product designations from the U.S.