Summit Therapeutics Inc. (NASDAQ:SMMT) Sees Large Decrease in Short Interest

by · The Markets Daily

Summit Therapeutics Inc. (NASDAQ:SMMT – Get Free Report) was the recipient of a large drop in short interest in September. As of September 30th, there was short interest totalling 16,340,000 shares, a drop of 21.2% from the September 15th total of 20,730,000 shares. Based on an average daily volume of 4,950,000 shares, the days-to-cover ratio is currently 3.3 days.

Wall Street Analysts Forecast Growth

SMMT has been the subject of a number of analyst reports. Stifel Nicolaus upped their price objective on shares of Summit Therapeutics from $25.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. HC Wainwright restated a “buy” rating and issued a $45.00 price target on shares of Summit Therapeutics in a research report on Friday, October 4th. Finally, Citigroup cut shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $19.00 to $23.00 in a research report on Friday, September 27th.

Read Our Latest Stock Report on SMMT

Hedge Funds Weigh In On Summit Therapeutics

Several institutional investors have recently added to or reduced their stakes in SMMT. Creative Planning raised its stake in shares of Summit Therapeutics by 45.0% in the third quarter. Creative Planning now owns 15,633 shares of the company’s stock worth $342,000 after acquiring an additional 4,851 shares during the last quarter. Willis Investment Counsel bought a new position in shares of Summit Therapeutics in the third quarter worth about $219,000. Handelsbanken Fonder AB raised its stake in shares of Summit Therapeutics by 37.7% in the third quarter. Handelsbanken Fonder AB now owns 88,000 shares of the company’s stock worth $1,927,000 after acquiring an additional 24,100 shares during the last quarter. SG Americas Securities LLC bought a new position in shares of Summit Therapeutics in the third quarter worth about $717,000. Finally, Susquehanna Fundamental Investments LLC raised its stake in shares of Summit Therapeutics by 37.9% in the second quarter. Susquehanna Fundamental Investments LLC now owns 67,378 shares of the company’s stock worth $526,000 after acquiring an additional 18,501 shares during the last quarter. 4.61% of the stock is owned by institutional investors.

Summit Therapeutics Price Performance

Shares of Summit Therapeutics stock traded up $0.30 during trading on Monday, hitting $20.25. 2,771,052 shares of the company’s stock traded hands, compared to its average volume of 3,741,650. The firm’s fifty day moving average price is $17.18 and its 200 day moving average price is $10.20. Summit Therapeutics has a twelve month low of $1.64 and a twelve month high of $33.89. The company has a market cap of $14.67 billion, a PE ratio of -87.00 and a beta of -0.97.

Summit Therapeutics (NASDAQ:SMMT – Get Free Report) last announced its quarterly earnings results on Tuesday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.01. As a group, equities research analysts anticipate that Summit Therapeutics will post -0.27 earnings per share for the current year.

About Summit Therapeutics

(Get Free Report)

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.

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