Brokerages predict that Summit Therapeutics PLC (NASDAQ:SMMT) will announce $4.91 million in sales for the current fiscal quarter, Zacks reports. Three analysts have made estimates for Summit Therapeutics’ earnings, with the lowest sales estimate coming in at $2.10 million and the highest estimate coming in at $10.17 million. Summit Therapeutics posted sales of $2.18 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 125.2%. The company is scheduled to report its next quarterly earnings results on Wednesday, April 4th.
On average, analysts expect that Summit Therapeutics will report full-year sales of $4.91 million for the current fiscal year, with estimates ranging from $31.60 million to $43.26 million. For the next financial year, analysts forecast that the company will post sales of $20.28 million per share, with estimates ranging from $8.40 million to $42.58 million. Zacks’ sales averages are a mean average based on a survey of analysts that cover Summit Therapeutics.
Several equities analysts recently weighed in on SMMT shares. BTIG Research started coverage on shares of Summit Therapeutics in a research report on Tuesday, February 13th. They set a “buy” rating and a $33.00 price target for the company. HC Wainwright restated a “buy” rating and set a $16.00 price target on shares of Summit Therapeutics in a research report on Thursday, January 25th. SunTrust Banks initiated coverage on shares of Summit Therapeutics in a research report on Thursday, January 4th. They set a “buy” rating and a $24.00 price target for the company. Zacks Investment Research upgraded shares of Summit Therapeutics from a “sell” rating to a “hold” rating in a research report on Tuesday, November 14th. Finally, ValuEngine upgraded shares of Summit Therapeutics from a “sell” rating to a “hold” rating in a research report on Friday, February 2nd. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $24.17.
Large investors have recently modified their holdings of the business. Acadian Asset Management LLC boosted its position in Summit Therapeutics by 192.8% during the fourth quarter. Acadian Asset Management LLC now owns 144,083 shares of the company’s stock worth $1,595,000 after purchasing an additional 94,876 shares during the period. Susquehanna International Group LLP bought a new position in Summit Therapeutics during the third quarter worth about $1,828,000. Granite Point Capital Management L.P. boosted its position in Summit Therapeutics by 106.7% during the third quarter. Granite Point Capital Management L.P. now owns 242,113 shares of the company’s stock worth $3,031,000 after purchasing an additional 125,000 shares during the period. Highbridge Capital Management LLC bought a new position in Summit Therapeutics during the third quarter worth about $1,004,000. Finally, Alyeska Investment Group L.P. bought a new position in Summit Therapeutics during the third quarter worth about $628,000. Hedge funds and other institutional investors own 29.03% of the company’s stock.
About Summit Therapeutics
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).
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Summit Therapeutics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Summit Therapeutics and related companies with MarketBeat.com's FREE daily email newsletter.