Summit Therapeutics Inc. (NASDAQ:SMMT) Sees Significant Increase in Short Interest

Summit Therapeutics Inc. (NASDAQ:SMMT) saw a large growth in short interest in March. As of March 31st, there was short interest totalling 21,810,000 shares, a growth of 28.6% from the March 15th total of 16,960,000 shares. Currently, 26.3% of the shares of the stock are short sold. Based on an average daily trading volume, of 2,340,000 shares, the short-interest ratio is currently 9.3 days.

Summit Therapeutics Stock Down 9.1 %

NASDAQ:SMMT traded down $0.37 on Friday, hitting $3.67. The stock had a trading volume of 1,361,574 shares, compared to its average volume of 2,663,027. The business’s fifty day moving average is $4.22 and its 200 day moving average is $3.06. The company has a market cap of $2.57 billion, a PE ratio of -2.40 and a beta of -1.21. The company has a quick ratio of 9.30, a current ratio of 9.30 and a debt-to-equity ratio of 1.29. Summit Therapeutics has a 52 week low of $1.30 and a 52 week high of $5.22.

Summit Therapeutics (NASDAQ:SMMT) last announced its quarterly earnings results on Tuesday, February 20th. The company reported ($0.05) earnings per share (EPS) for the quarter. The business had revenue of $0.20 million during the quarter. On average, equities research analysts expect that Summit Therapeutics will post -0.24 EPS for the current fiscal year.

Insider Transactions at Summit Therapeutics

In other news, CFO Ankur Dhingra bought 100,000 shares of the stock in a transaction on Tuesday, March 26th. The stock was acquired at an average price of $3.75 per share, with a total value of $375,000.00. Following the acquisition, the chief financial officer now directly owns 354,958 shares in the company, valued at $1,331,092.50. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CFO Ankur Dhingra purchased 100,000 shares of the firm’s stock in a transaction dated Tuesday, March 26th. The stock was bought at an average price of $3.75 per share, with a total value of $375,000.00. Following the completion of the purchase, the chief financial officer now owns 354,958 shares in the company, valued at approximately $1,331,092.50. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Mahkam Zanganeh bought 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 26th. The shares were acquired at an average price of $3.75 per share, for a total transaction of $112,500.00. Following the transaction, the chief executive officer now owns 30,000 shares in the company, valued at $112,500. The disclosure for this purchase can be found here. 83.70% of the stock is owned by insiders.

Institutional Trading of Summit Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the stock. Sei Investments Co. purchased a new stake in shares of Summit Therapeutics in the second quarter worth approximately $26,000. Bank of America Corp DE increased its position in shares of Summit Therapeutics by 82.4% during the first quarter. Bank of America Corp DE now owns 16,326 shares of the company’s stock valued at $29,000 after acquiring an additional 7,374 shares during the last quarter. Royal Bank of Canada increased its position in shares of Summit Therapeutics by 1,846.8% during the second quarter. Royal Bank of Canada now owns 12,148 shares of the company’s stock valued at $30,000 after acquiring an additional 11,524 shares during the last quarter. Sea Otter Advisors LLC purchased a new stake in shares of Summit Therapeutics during the first quarter valued at approximately $30,000. Finally, Snowden Capital Advisors LLC purchased a new stake in shares of Summit Therapeutics during the second quarter valued at approximately $31,000. 4.61% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Stifel Nicolaus started coverage on Summit Therapeutics in a research report on Tuesday, March 26th. They set a “buy” rating and a $8.00 target price on the stock.

Summit Therapeutics Company Profile

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.