# Summit Therapeutics Inc. (SMMT)

> Source: Nexqual · https://nexqual.com/SMMT · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Summit Therapeutics Inc. (SMMT), nexqual.com/SMMT" · informational, not investment advice.

**Price:** USD 15.55 (-1.77% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 15.83 · day 15.13–15.7 · 52w 12.07–29.23 · market cap $12.4B · NGM

## Key facts
- Insider open-market purchases, last ~7 months: 5 Form 4 filings, $104M; 2 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.29 on a 1–5 scale) (17 analysts), mean target USD 30.29 (range 12.04–43.74).
- Total return with dividends: 1Y -17.1% vs S&P 500 +14.9%; 5Y +212.3% vs S&P 500 +80.3%.
- Next earnings: 2026-10-27, EPS estimate USD -0.21, revenue estimate $54K.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.8M | $705K | $0K | $0K | — | — |
| Operating income | -$86.2M | -$72.1M | -$610M | -$226M | — | — |
| Net income | -$88.6M | -$78.8M | -$615M | -$221M | -$1.08B | -$856M |
| EPS (diluted) | -$0.67 | -$0.41 | -$0.99 | -$0.31 | -$1.44 | — |
| Free cash flow | -$72.9M | -$42.2M | -$76.9M | -$142M | -$324M | -$460M |
| Operating margin | -4764.3% | -10225.4% | — | — | — | — |
| Net margin | -4897.8% | -11174.8% | — | — | — | — |
| Revenue growth | +110.3% | -61.0% | -100.0% | — | — | — |
| Cash + short-term investments | $71.8M | $349M | $186M | $412M | $713M | — |
| Total debt | — | $495M | $100M | $0K | — | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/B 19.7x · FCF yield -3.71% · Earnings yield -6.90%

## Insider purchases (SEC Form 4, open-market, last ~7 months)
5 purchases, $104M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-06-12 | Zanganeh Mahkam | Co-Chief Executive Officer | 3,810,000 | $50.0M | 13.12 | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-12 | Duggan Robert W | Co-Chief Executive Officer | 3,810,000 | $50.0M | 13.12 | Too little history (no open-market trades in 2024) |
| 2026-06-04 | Duggan Robert W | Co-Chief Executive Officer | 100,000 | $1.5M | 14.6 | Too little history (no open-market trades in 2024) |
| 2026-06-04 | Zanganeh Mahkam | Co-Chief Executive Officer | 100,000 | $1.5M | 14.6 | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-04 | Soni Manmeet Singh | COO and CFO | 50,000 | $722K | 14.45 | Too little history (no open-market trades in 2024 or 2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.29 on a 1–5 scale), 17 analysts; mean target USD 30.29 (low 12.04, high 43.74).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-01 | Barclays | Target raised | Equal-Weight | $18 → $20 |
| 2026-09-29 | Citigroup | Target raised | Buy | $40 → $43 |
| 2026-09-23 | HC Wainwright & Co. | Reiterated | Neutral |  |
| 2026-09-09 | Jefferies | Upgrade | Hold → Buy | $15 → $25 |
| 2026-08-26 | HC Wainwright & Co. | Reiterated | Neutral |  |
| 2026-08-25 | Bernstein | Upgrade | Underperform → Market Perform | $9.8 → $11.9 |
| 2026-08-18 | HC Wainwright & Co. | Reiterated | Neutral |  |
| 2026-08-12 | Leerink Partners | Upgrade | Underperform → Market Perform | $12 → $13 |
| 2026-07-24 | Stifel | Target lowered | Buy | $45 → $38 |
| 2026-07-24 | Guggenheim | Target lowered | Buy | $40 → $38 |
| 2026-07-23 | HC Wainwright & Co. | Reiterated | Neutral |  |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -17.1% | +212.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -17.1% | +25.5% |
| Volatility (annualized) | 71.9% | 127.3% |
| Max drawdown | -52.9% (Apr 2026→Aug 2026) | -86.2% (Nov 2021→Nov 2022) |

## Peers (Biotechnology)
CORT (Corcept Therapeutics Incorporat) USD 107.5 -7.55% · BBIO (BridgeBio Pharma, Inc.) USD 68.12 +0.56% · TECH (Bio-Techne Corp) USD 72.62 -0.03% · JAZZ (Jazz Pharmaceuticals plc) USD 214.65 +1.26% · BMRN (BioMarin Pharmaceutical Inc.) USD 56.63 +2.57% · HALO (Halozyme Therapeutics, Inc.) USD 124.54 -0.23%

## More
Full page: https://nexqual.com/SMMT · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in SMMT's own 10-K filed 2026-02-23 (https://www.sec.gov/Archives/edgar/data/1599298/000159929826000015/smmt-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Akeso | "•We depend on our relationship with, and the intellectual property licensed from Akeso." |
| Partner | Pfizer (PFE) | "These include, but are not limited to pumitamig (BNT327), which is owned by BioNTech SE and being developed in a collaboration with Bristol Myers Squibb Co. since June 2025, which has begun conducting Phase III clinical …" |
| Partner | AbbVie (ABBV) | "These include, but are not limited to pumitamig (BNT327), which is owned by BioNTech SE and being developed in a collaboration with Bristol Myers Squibb Co. since June 2025, which has begun conducting Phase III clinical …" |
| Competitor | Merck (MRK) | "The proposed indications for ivonescimab in the HARMONi-3 and HARMONi-7 clinical trial settings in first-line NSCLC may face competition from clinical candidates such as novel immunotherapy targets including various clin…" |

Other companies that name SMMT in their own reports (relationship from SMMT's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Revolution Medicines, Inc. (RVMD) | 10-K 2026-02-25 | "In June 2025, we entered into a clinical collaboration with Summit Therapeutics, Inc. (Summit) pursuant to which we are evaluating the safety and efficacy, in multiple solid tumor settings, of our cli…" |

## Company outlook (8-K filed 2026-07-23)

- "Non-Squamous Cohort PFS Events Expected to Be Reached in the First Half of 2027 Summit Closes Second Quarter with $690.7 Million in Cash and Investments Miami, Florida, July 23, 2026 - Summit Therapeutics Inc."
- "The number of PFS events needed in the squamous cohort for the primary analysis is expected to be reached in the second half of 2026, and a planned early interim analysis for OS is expected to take place in conjunction with the primary PFS analysis."
- "Data from the study under this collaboration agreement is expected to be generated by mid-2027. ◦ In the second quarter of 2025, the company announced a clinical collaboration with Revolution Medicines, Inc."
- "In addition, these Non-GAAP measures are not based on any comprehensive set of accounting rules or principles. 5 Summit management uses these Non-GAAP measures for internal budgeting and forecasting purposes and to evaluate Summit's financial performance."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.21 | $-0.22 | -4.5% | $54,000 | 12 |
| Next quarter (ends 2026-12-31) | $-0.26 | $-0.22 | +15.7% | $3.0M | 11 |
| Current fiscal year (ends 2026-12-31) | $-0.84 | $-0.82 | +2.3% | $2.9M | 11 |
| Next fiscal year (ends 2027-12-31) | $-0.88 | $-0.88 | +0.3% | $42.0M | 10 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-10-30 (includes earnings 2026-10-27): ±11.0%; last 8 reports averaged ±12.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 94.0% | ±11.0% |
| 2026-11-06 | 14 | 117.6% | ±19.0% |
| 2026-11-13 | 21 | 121.3% | ±16.6% |
| 2026-11-20 | 28 | 113.2% | ±25.1% |
| 2026-11-27 | 35 | 109.1% | ±26.9% |
| 2026-12-04 | 42 | 120.1% | ±32.3% |
| 2026-12-18 | 56 | 117.7% | ±37.1% |
| 2027-01-15 | 84 | 108.5% | ±41.6% |