Equities Analysts Offer Predictions for Summit Therapeutics Inc.’s Q3 2024 Earnings (NASDAQ:SMMT)

Summit Therapeutics Inc. (NASDAQ:SMMT) – Investment analysts at HC Wainwright issued their Q3 2024 EPS estimates for shares of Summit Therapeutics in a research note issued on Monday, August 12th. HC Wainwright analyst M. Kapoor expects that the company will post earnings of ($0.05) per share for the quarter. HC Wainwright currently has a “Buy” rating and a $16.00 target price on the stock. The consensus estimate for Summit Therapeutics’ current full-year earnings is ($0.28) per share. HC Wainwright also issued estimates for Summit Therapeutics’ Q4 2024 earnings at ($0.06) EPS, FY2024 earnings at ($0.23) EPS, Q1 2025 earnings at ($0.06) EPS, Q2 2025 earnings at ($0.06) EPS, Q3 2025 earnings at ($0.06) EPS, Q4 2025 earnings at ($0.07) EPS and FY2025 earnings at ($0.25) EPS.

SMMT has been the topic of several other research reports. Citigroup raised their price objective on Summit Therapeutics from $7.00 to $13.00 and gave the stock a “buy” rating in a research note on Friday, May 31st. Stifel Nicolaus raised their target price on shares of Summit Therapeutics from $8.00 to $14.00 and gave the stock a “buy” rating in a research note on Monday, June 3rd.

Summit Therapeutics Stock Performance

NASDAQ SMMT opened at $11.87 on Wednesday. The business’s fifty day moving average is $9.03 and its 200 day moving average is $6.03. Summit Therapeutics has a fifty-two week low of $1.52 and a fifty-two week high of $11.90. The company has a market capitalization of $8.33 billion, a PE ratio of -74.19 and a beta of -0.97.

Institutional Investors Weigh In On Summit Therapeutics

Several large investors have recently added to or reduced their stakes in SMMT. Russell Investments Group Ltd. lifted its stake in Summit Therapeutics by 142.2% in the first quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company’s stock worth $25,000 after acquiring an additional 3,579 shares during the period. Tower Research Capital LLC TRC boosted its stake in Summit Therapeutics by 212.8% in the 4th quarter. Tower Research Capital LLC TRC now owns 21,144 shares of the company’s stock worth $55,000 after purchasing an additional 14,384 shares in the last quarter. Sectoral Asset Management Inc. raised its holdings in shares of Summit Therapeutics by 50.0% in the fourth quarter. Sectoral Asset Management Inc. now owns 30,000 shares of the company’s stock worth $78,000 after buying an additional 10,000 shares during the last quarter. Virtu Financial LLC lifted its stake in shares of Summit Therapeutics by 23.3% during the first quarter. Virtu Financial LLC now owns 20,372 shares of the company’s stock worth $84,000 after buying an additional 3,846 shares during the period. Finally, Fullcircle Wealth LLC purchased a new stake in shares of Summit Therapeutics during the second quarter valued at $95,000. 4.61% of the stock is owned by institutional investors.

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.