Summit Therapeutics (NASDAQ:SMMT) Issues Earnings Results

Summit Therapeutics (NASDAQ:SMMT) released its earnings results on Thursday, July 23rd. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates 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 Trading Down 4.2%

SMMT opened at $13.73 on Friday. Summit Therapeutics has a 12 month low of $12.07 and a 12 month high of $29.23. The company has a market cap of $10.95 billion, a PE ratio of -12.26 and a beta of -1.23. The company has a 50 day moving average of $14.12 and a 200 day moving average of $16.15.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Jefferies Financial Group set a $15.00 price objective on Summit Therapeutics in a research note on Friday, July 24th. HC Wainwright reissued a “neutral” rating on shares of Summit Therapeutics in a research report on Wednesday. Piper Sandler lowered their target price on Summit Therapeutics from $17.00 to $16.00 and set a “neutral” rating on the stock in a research note on Friday, May 1st. Summit Redstone set a $11.90 price target on Summit Therapeutics in a research report on Tuesday. Finally, KeyCorp reiterated an “overweight” rating on shares of Summit Therapeutics in a research note on Monday, June 1st. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Summit Therapeutics presently has a consensus rating of “Hold” and a consensus target price of $24.07.

Insider Buying and Selling at Summit Therapeutics

In related news, CFO Manmeet Singh Soni bought 50,000 shares of the company’s stock in a transaction on Thursday, June 4th. The shares were purchased at an average price of $14.45 per share, for a total transaction of $722,500.00. Following the completion of the transaction, the chief financial officer directly owned 3,123,603 shares in the company, valued at approximately $45,136,063.35. The trade was a 1.63% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Robert W. Duggan bought 3,810,000 shares of the company’s stock in a transaction on Friday, June 12th. The shares were bought at an average price 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 approximately $7,529,356,492.48. This represents a 0.67% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have acquired 7,870,000 shares of company stock valued at $103,616,900 in the last 90 days. 83.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in SMMT. Price T Rowe Associates Inc. MD grew its holdings in Summit Therapeutics by 106.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 9,371,415 shares of the company’s stock valued at $163,907,000 after buying an additional 4,832,592 shares in the last quarter. Readystate Asset Management LP purchased a new stake in shares of Summit Therapeutics in the fourth quarter worth about $5,355,000. State Street Corp lifted its holdings in shares of Summit Therapeutics by 4.3% in the fourth quarter. State Street Corp now owns 6,636,361 shares of the company’s stock worth $116,070,000 after buying an additional 274,425 shares in the last quarter. Marshall Wace LLP bought a new position in shares of Summit Therapeutics in the second quarter valued at approximately $5,781,000. Finally, HRT Financial LP bought a new position in shares of Summit Therapeutics in the second quarter valued at approximately $5,143,000. Institutional investors own 4.61% of the company’s stock.

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.