Summit Therapeutics (NASDAQ:SMMT) Posts Earnings Results, Meets Expectations

Summit Therapeutics (NASDAQ:SMMT) announced its earnings results on Monday. The company reported ($0.08) earnings per share for the quarter, meeting the consensus estimate of ($0.08), Zacks reports.

Summit Therapeutics Price Performance

NASDAQ SMMT opened at $22.12 on Monday. The stock’s 50 day simple moving average is $19.91 and its 200-day simple moving average is $19.09. The company has a market cap of $16.31 billion, a PE ratio of -79.00 and a beta of -0.88. Summit Therapeutics has a 1-year low of $2.10 and a 1-year high of $33.89.

Analysts Set New Price Targets

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