Analysts Issue Forecasts for Summit Therapeutics Inc.’s Q3 2024 Earnings (NASDAQ:SMMT)

Summit Therapeutics Inc. (NASDAQ:SMMT) – Equities research analysts at HC Wainwright issued their Q3 2024 EPS estimates for shares of Summit Therapeutics in a note issued to investors on Monday, August 12th. HC Wainwright analyst M. Kapoor forecasts 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.

Other equities analysts have also recently issued reports about the stock. Citigroup boosted their target price on shares of Summit Therapeutics from $7.00 to $13.00 and gave the company a “buy” rating in a research report on Friday, May 31st. Stifel Nicolaus boosted their target price on shares of Summit Therapeutics from $8.00 to $14.00 and gave the company a “buy” rating in a research report on Monday, June 3rd.

Summit Therapeutics Trading Up 6.7 %

Shares of NASDAQ:SMMT opened at $11.87 on Wednesday. The firm has a 50 day moving average of $9.03 and a 200-day moving average of $6.03. The stock has a market capitalization of $8.33 billion, a PE ratio of -74.19 and a beta of -0.97. Summit Therapeutics has a 12 month low of $1.52 and a 12 month high of $11.90.

Institutional Investors Weigh In On Summit Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Russell Investments Group Ltd. grew its holdings in Summit Therapeutics by 142.2% during the 1st 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 last quarter. Tower Research Capital LLC TRC grew its holdings in Summit Therapeutics by 212.8% during the 4th quarter. Tower Research Capital LLC TRC now owns 21,144 shares of the company’s stock worth $55,000 after acquiring an additional 14,384 shares during the last quarter. Sectoral Asset Management Inc. grew its holdings in Summit Therapeutics by 50.0% during the 4th quarter. Sectoral Asset Management Inc. now owns 30,000 shares of the company’s stock worth $78,000 after acquiring an additional 10,000 shares during the last quarter. Virtu Financial LLC grew its holdings in Summit Therapeutics by 23.3% during the 1st quarter. Virtu Financial LLC now owns 20,372 shares of the company’s stock worth $84,000 after acquiring an additional 3,846 shares during the last quarter. Finally, Fullcircle Wealth LLC bought a new stake in Summit Therapeutics during the 2nd quarter worth approximately $95,000. 4.61% of the stock is owned by institutional investors.

Summit Therapeutics Company Profile

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.