Short Interest in Summit Therapeutics Inc. (NASDAQ:SMMT) Decreases By 21.2%

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

Summit Therapeutics Stock Performance

Shares of Summit Therapeutics stock traded up $1.59 during trading on Tuesday, hitting $21.84. 3,087,959 shares of the stock traded hands, compared to its average volume of 3,738,388. The stock has a market cap of $15.82 billion, a P/E ratio of -93.52 and a beta of -0.97. The company has a fifty day moving average price of $17.38 and a two-hundred day moving average price of $10.31. Summit Therapeutics has a twelve month low of $1.64 and a twelve month high of $33.89.

Summit Therapeutics (NASDAQ:SMMT) last issued its quarterly earnings data on Tuesday, August 6th. The company reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.01. On average, equities research analysts expect that Summit Therapeutics will post -0.27 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms have weighed in on SMMT. 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 report on Wednesday, September 25th. Citigroup downgraded Summit Therapeutics from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $19.00 to $23.00 in a research note on Friday, September 27th. Finally, HC Wainwright reissued a “buy” rating and issued a $45.00 price objective on shares of Summit Therapeutics in a report on Friday, October 4th.

Institutional Investors Weigh In On Summit Therapeutics

A number of institutional investors have recently bought and sold shares of SMMT. Wealth Management Partners LLC lifted its holdings in shares of Summit Therapeutics by 193.3% during the 1st quarter. Wealth Management Partners LLC now owns 44,000 shares of the company’s stock worth $182,000 after acquiring an additional 29,000 shares during the period. China Universal Asset Management Co. Ltd. lifted its holdings in Summit Therapeutics by 66.3% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 134,845 shares of the company’s stock worth $558,000 after buying an additional 53,774 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Summit Therapeutics by 131.3% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 40,476 shares of the company’s stock valued at $168,000 after acquiring an additional 22,977 shares during the period. Russell Investments Group Ltd. boosted its stake in shares of Summit Therapeutics by 142.2% in the 1st quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company’s stock valued at $25,000 after purchasing an additional 3,579 shares during the last quarter. Finally, ProShare Advisors LLC boosted its stake in Summit Therapeutics by 9.4% in the first quarter. ProShare Advisors LLC now owns 69,995 shares of the company’s stock valued at $290,000 after acquiring an additional 6,035 shares during the last quarter. Institutional investors and hedge funds own 4.61% of the company’s 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.