Summit Therapeutics PLC (NASDAQ:SMMT – Get Free Report)’s share price gapped down prior to trading on Friday following a weaker than expected earnings announcement. The stock had previously closed at $14.98, but opened at $13.72. Summit Therapeutics shares last traded at $13.5480, with a volume of 1,571,258 shares changing hands.
The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.27) by ($0.01).
More Summit Therapeutics News
Here are the key news stories impacting Summit Therapeutics this week:
- Positive Sentiment: Summit said updated overall survival data from the Phase III HARMONi study in non-small cell lung cancer continued to strengthen ivonescimab’s profile, reinforcing the drug’s potential as a meaningful oncology asset. Summit Therapeutics (SMMT) Updates Phase III Survival Data, Is The Stock Still A Bargain?
- Positive Sentiment: Summit also announced a clinical trial collaboration with Arcus Biosciences to evaluate ivonescimab in kidney cancer, expanding the drug’s potential market and adding another late-stage development path. Arcus Biosciences and Summit Therapeutics Enter Into Clinical Trial Collaboration to Evaluate Casdatifan Combined with Ivonescimab in Kidney Cancer
- Positive Sentiment: Investors are also focusing on the FDA-accepted BLA for ivonescimab in EGFR-mutant NSCLC and the upcoming November PDUFA date, which keeps a major regulatory catalyst in view. Summit Therapeutics: ‘Buy’ On Ivonescimab’s November PDUFA And Impressive Partner Data
- Neutral Sentiment: Summit’s Q2 report showed a smaller-than-expected loss, with EPS of -$0.28 versus estimates of -$0.27, a modest miss that is less important than the company’s clinical progress. Summit Therapeutics Reports Financial Results and Operational Progress for the Second Quarter and Six Months Ended June 30, 2026
- Neutral Sentiment: HC Wainwright reaffirmed its neutral rating on SMMT, suggesting analysts remain cautious even as the stock reacts to pipeline news. Benzinga
- Negative Sentiment: The quarterly EPS result slightly missed expectations, which may temper enthusiasm around the stock despite the stronger drug-development headlines. Summit Therapeutics earnings report and conference call
Wall Street Analysts Forecast Growth
View Our Latest Report on Summit Therapeutics
Insiders Place Their Bets
In other news, CEO Robert W. Duggan acquired 3,810,000 shares of the business’s stock in a transaction dated Friday, June 12th. The shares were bought at an average cost of $13.12 per share, for a total transaction of $49,987,200.00. Following the acquisition, the chief executive officer directly owned 573,883,879 shares in the company, valued at $7,529,356,492.48. This trade represents a 0.67% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Manmeet Singh Soni acquired 50,000 shares of Summit Therapeutics stock in a transaction dated Thursday, June 4th. The stock was purchased at an average cost of $14.45 per share, for a total transaction of $722,500.00. Following the completion of the purchase, the chief financial officer directly owned 3,123,603 shares in the company, valued at approximately $45,136,063.35. This represents a 1.63% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought 7,870,000 shares of company stock worth $103,616,900 over the last three months. 83.50% of the stock is owned by insiders.
Hedge Funds Weigh In On Summit Therapeutics
A number of hedge funds have recently made changes to their positions in the business. Ball & Co Wealth Management Inc. purchased a new stake in Summit Therapeutics during the 1st quarter worth $28,000. Kestra Advisory Services LLC purchased a new position in Summit Therapeutics in the fourth quarter valued at about $28,000. T. Rowe Price Investment Management Inc. raised its position in Summit Therapeutics by 2,654.4% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,873 shares of the company’s stock valued at $33,000 after purchasing an additional 1,805 shares during the period. Parallel Advisors LLC acquired a new position in shares of Summit Therapeutics during the third quarter worth about $39,000. Finally, Truvestments Capital LLC boosted its position in shares of Summit Therapeutics by 200.2% in the fourth quarter. Truvestments Capital LLC now owns 2,603 shares of the company’s stock worth $46,000 after buying an additional 1,736 shares during the period. Hedge funds and other institutional investors own 4.61% of the company’s stock.
Summit Therapeutics Stock Down 8.9%
The firm has a market cap of $10.59 billion, a price-to-earnings ratio of -8.58 and a beta of -1.26. The business has a 50 day moving average price of $15.09 and a 200-day moving average price of $16.70.
Summit Therapeutics Company Profile
Summit Therapeutics plc is a clinical‐stage biotechnology company dedicated to the discovery and development of precision medicines for serious and life‐threatening diseases. The company applies a targeted approach to drug design, focusing on novel mechanisms of action that differentiate its candidates from existing therapies.
Summit’s lead asset, ridinilazole (formerly SMT19969), is being developed to treat Clostridioides difficile infections and has received both Fast Track and Qualified Infectious Disease Product designations from the U.S.
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