Summit Therapeutics Inc. (NASDAQ:SMMT) Short Interest Up 28.6% in March

Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report) was the target of 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. Based on an average daily trading volume, of 2,340,000 shares, the short-interest ratio is currently 9.3 days. Currently, 26.3% of the shares of the stock are short sold.

Wall Street Analyst Weigh In

Separately, Stifel Nicolaus began coverage on shares of Summit Therapeutics in a research note on Tuesday, March 26th. They set a "buy" rating and a $8.00 price target for the company.

Summit Therapeutics Trading Down 9.1 %

Shares of NASDAQ SMMT traded down $0.37 during midday trading on Friday, hitting $3.67. The company's stock had a trading volume of 1,361,574 shares, compared to its average volume of 2,663,027. Summit Therapeutics has a 12-month low of $1.30 and a 12-month high of $5.22. The company has a current ratio of 9.30, a quick ratio of 9.30 and a debt-to-equity ratio of 1.29. The firm has a market cap of $2.57 billion, a P/E ratio of -2.40 and a beta of -1.21. The business's 50 day moving average is $4.22 and its two-hundred day moving average is $3.05.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last announced its quarterly earnings data on Tuesday, February 20th. The company reported ($0.05) EPS for the quarter. The business had revenue of $0.20 million during the quarter. As a group, equities research analysts expect that Summit Therapeutics will post -0.24 EPS for the current year.

Insiders Place Their Bets

In other Summit Therapeutics news, CEO Mahkam Zanganeh bought 30,000 shares of the firm's stock in a transaction dated Tuesday, March 26th. The shares were purchased at an average cost 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 of the company's stock, valued at $112,500. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, CFO Ankur Dhingra purchased 100,000 shares of the stock in a transaction that occurred on Tuesday, March 26th. The stock was bought at an average cost of $3.75 per share, for a total transaction of $375,000.00. Following the completion of the transaction, 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 legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Mahkam Zanganeh acquired 30,000 shares of the business's stock in a transaction on Tuesday, March 26th. The shares were purchased 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 directly owns 30,000 shares of the company's stock, valued at $112,500. The disclosure for this purchase can be found here. Corporate insiders own 83.70% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Sei Investments Co. bought a new position in Summit Therapeutics in the 2nd quarter worth about $26,000. Bank of America Corp DE grew its stake in Summit Therapeutics by 82.4% in the first quarter. Bank of America Corp DE now owns 16,326 shares of the company's stock worth $29,000 after purchasing an additional 7,374 shares in the last quarter. Royal Bank of Canada increased its holdings in Summit Therapeutics by 1,846.8% during the 2nd quarter. Royal Bank of Canada now owns 12,148 shares of the company's stock worth $30,000 after purchasing an additional 11,524 shares during the period. Sea Otter Advisors LLC bought a new stake in Summit Therapeutics during the 1st quarter valued at $30,000. Finally, Snowden Capital Advisors LLC purchased a new stake in shares of Summit Therapeutics in the 2nd quarter worth $31,000. Hedge funds and other institutional investors own 4.61% of the company's stock.

About Summit Therapeutics

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.