Summit Therapeutics PLC (NASDAQ:SMMT) Posts Earnings Results, Misses Expectations By $0.28 EPS

Summit Therapeutics PLC (NASDAQ:SMMT) released its quarterly earnings results on Thursday, August 31st. The company reported $1.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.38 by ($0.28), Morningstar.com reports. The company had revenue of $25.01 million for the quarter, compared to the consensus estimate of $31.37 million. Summit Therapeutics PLC had a negative return on equity of 29,334.40% and a negative net margin of 12.44%.

Shares of Summit Therapeutics PLC (NASDAQ SMMT) traded up 2.49% during mid-day trading on Friday, reaching $12.35. The company had a trading volume of 194,577 shares. The company’s market capitalization is $152.91 million. Summit Therapeutics PLC has a 12 month low of $5.88 and a 12 month high of $19.75. The firm’s 50-day moving average is $14.28 and its 200 day moving average is $13.53.

A hedge fund recently bought a new stake in Summit Therapeutics PLC stock. Renaissance Technologies LLC purchased a new position in shares of Summit Therapeutics PLC (NASDAQ:SMMT) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 20,102 shares of the company’s stock, valued at approximately $267,000. Renaissance Technologies LLC owned about 0.16% of Summit Therapeutics PLC as of its most recent SEC filing. 21.77% of the stock is currently owned by hedge funds and other institutional investors.

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SMMT has been the subject of several recent analyst reports. Zacks Investment Research upgraded Summit Therapeutics PLC from a “hold” rating to a “buy” rating and set a $13.00 target price for the company in a research note on Tuesday, July 4th. Oppenheimer Holdings, Inc. set a $24.00 target price on Summit Therapeutics PLC and gave the company a “buy” rating in a research note on Thursday, June 22nd. Canaccord Genuity restated a “buy” rating and set a $28.00 target price on shares of Summit Therapeutics PLC in a research note on Friday, June 16th. Finally, ValuEngine upgraded Summit Therapeutics PLC from a “sell” rating to a “hold” rating in a research note on Tuesday, June 6th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Summit Therapeutics PLC has a consensus rating of “Buy” and an average target price of $25.00.

About Summit Therapeutics PLC

Summit Therapeutics plc is a biopharmaceutical company, which is engaged in drug development. The Company is focused on the discovery, development and commercialization of medicines for indications for which there are no existing or only inadequate therapies. It is conducting clinical programs focused on the genetic disease Duchenne muscular dystrophy (DMD) and the infectious disease Clostridium difficile infection (CDI).

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