Stock of the Day

August 19, 2022

Summit Therapeutics (SMMT)

$13.81
+$0.05 (+0.4%)
Market Cap: $10.68B

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. It has a collaboration and license agreement with Akeso, Inc. and its affiliates to develop and commercialize ivonescimab, as well as strategic collaboration with The University of Texas MD Anderson Cancer Center for the purpose of accelerating the development of ivonescimab. The company was founded in 2003 and is headquartered in Miami, Florida.

Today's Trend

Summit Therapeutics PLC (NASDAQ: SMMT) is moving higher on the back of a series of analyst updates from HC Wainwright that were generally constructive for the stock. The firm kept a Buy rating and $23 price target while raising near-term earnings estimates for several 2026 quarters, suggesting slightly better expectations for the company’s loss profile than before.

  • HC Wainwright raised its FY2026 EPS estimate to a loss of $1.05 from $1.26, implying improved earnings expectations. Summit Therapeutics stock page
  • The firm also lifted quarterly forecasts for Q2 2026 to -$0.26 from -$0.31 and Q3 2026 to -$0.27 from -$0.32, which can be viewed as a modest improvement in outlook. Summit Therapeutics stock page
  • HC Wainwright initiated or reiterated estimates for later periods, including FY2027 EPS of -$1.09 and quarterly losses around $0.27-$0.28, reinforcing that the company is still expected to remain unprofitable. Summit Therapeutics stock page
  • The analyst maintained a Buy rating, which supports sentiment, but this was not a fresh upgrade. Summit Therapeutics stock page

Overall, SMMT appears to be benefiting from analyst optimism and slightly improved earnings estimates, even though the company is still projected to post losses for the next couple of years.

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