Summit Therapeutics (NASDAQ:SMMT) Announces Earnings Results, Beats Expectations By $0.08 EPS

Summit Therapeutics (NASDAQ:SMMT) released its quarterly earnings data on Wednesday. The company reported ($0.20) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.08, FiscalAI reports.

Summit Therapeutics Trading Up 2.3%

Shares of NASDAQ:SMMT traded up $0.37 during midday trading on Wednesday, hitting $16.17. The stock had a trading volume of 4,252,999 shares, compared to its average volume of 4,628,353. Summit Therapeutics has a 1 year low of $12.07 and a 1 year high of $29.23. The stock has a 50 day moving average price of $16.15 and a two-hundred day moving average price of $16.16. The company has a market capitalization of $12.93 billion, a PE ratio of -14.44 and a beta of -1.49.

Analyst Upgrades and Downgrades

Several analysts recently commented on SMMT shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Summit Therapeutics in a research report on Thursday, October 15th. Morgan Stanley lowered shares of Summit Therapeutics to an “outperform” rating in a research note on Tuesday, September 29th. Stifel Nicolaus reduced their target price on shares of Summit Therapeutics from $45.00 to $38.00 and set a “buy” rating for the company in a report on Friday, July 24th. Citigroup reiterated a “market outperform” rating on shares of Summit Therapeutics in a research note on Tuesday, October 27th. Finally, Sanford C. Bernstein reissued a “market perform” rating on shares of Summit Therapeutics in a report on Monday, October 5th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Summit Therapeutics currently has an average rating of “Moderate Buy” and an average price target of $28.61.

Summit Therapeutics Company Profile

Summit Therapeutics Inc is a biopharmaceutical company focused on developing and commercializing innovative medicines for the treatment of cancer. The company’s primary focus is oncology, with an emphasis on therapies designed to improve outcomes for patients with serious diseases.

Summit’s lead product candidate is ivonescimab, a bispecific antibody that is designed to combine immune checkpoint inhibition against PD-1 with anti-angiogenic activity targeting VEGF. The company is advancing ivonescimab in clinical studies for non-small cell lung cancer and is evaluating the therapy in combination with other cancer treatments and across additional treatment settings.

Summit holds exclusive rights to develop and commercialize ivonescimab in markets outside China through a licensing and collaboration agreement with Akeso, a China-based biopharmaceutical company.