Short Interest in Summit Therapeutics Inc. (NASDAQ:SMMT) Rises By 28.6%

Summit Therapeutics Inc. (NASDAQ:SMMT) was the target of a large growth in short interest during the month of 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. Approximately 26.3% of the shares of the company are short sold. Based on an average daily volume of 2,340,000 shares, the short-interest ratio is presently 9.3 days.

Insider Buying and Selling

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

Institutional Investors Weigh In On Summit Therapeutics

Large investors have recently modified their holdings of the stock. Bank of America Corp DE grew its stake in shares of Summit Therapeutics by 431.6% in the 4th quarter. Bank of America Corp DE now owns 8,952 shares of the company’s stock valued at $38,000 after purchasing an additional 7,268 shares during the period. Sei Investments Co. bought a new stake in shares of Summit Therapeutics in the 2nd quarter valued at approximately $26,000. Royal Bank of Canada grew its stake in shares of Summit Therapeutics by 1,846.8% in the 2nd quarter. Royal Bank of Canada now owns 12,148 shares of the company’s stock valued at $30,000 after purchasing an additional 11,524 shares during the period. GSA Capital Partners LLP bought a new stake in Summit Therapeutics during the 4th quarter worth approximately $53,000. Finally, Snowden Capital Advisors LLC bought a new stake in Summit Therapeutics during the 2nd quarter worth approximately $31,000. 4.61% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Separately, Stifel Nicolaus assumed coverage on Summit Therapeutics in a report on Tuesday, March 26th. They issued a “buy” rating and a $8.00 price target for the company.

Summit Therapeutics Trading Down 9.2 %

Summit Therapeutics stock opened at $3.66 on Monday. The business has a 50 day moving average price of $4.22 and a two-hundred day moving average price of $3.06. 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 12 month low of $1.30 and a 12 month high of $5.22.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings data on Tuesday, February 20th. The company reported ($0.05) earnings per share for the quarter. The firm had revenue of $0.20 million during the quarter. Equities research analysts predict that Summit Therapeutics will post -0.24 earnings per share for the current year.

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.