Summit Therapeutics Inc. (NASDAQ:SMMT) Short Interest Down 21.2% in September

Summit Therapeutics Inc. (NASDAQ:SMMT) was the recipient of a large decline in short interest during the month of 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 daily trading volume, of 4,950,000 shares, the short-interest ratio is presently 3.3 days.

Institutional Trading of Summit Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of the stock. Millennium Management LLC purchased a new stake in shares of Summit Therapeutics during the 2nd quarter valued at $15,154,000. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Summit Therapeutics by 131.3% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 40,476 shares of the company’s stock worth $168,000 after purchasing an additional 22,977 shares in the last quarter. SG Americas Securities LLC purchased a new stake in Summit Therapeutics during the 3rd quarter worth about $717,000. Squarepoint Ops LLC grew its position in shares of Summit Therapeutics by 192.2% during the 2nd quarter. Squarepoint Ops LLC now owns 86,064 shares of the company’s stock valued at $671,000 after purchasing an additional 56,614 shares in the last quarter. Finally, Vanguard Group Inc. grew its position in shares of Summit Therapeutics by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 7,269,243 shares of the company’s stock valued at $30,095,000 after purchasing an additional 254,261 shares in the last quarter. 4.61% of the stock is owned by hedge funds and other institutional investors.

Summit Therapeutics Stock Performance

Shares of NASDAQ:SMMT traded up $1.59 during midday trading on Tuesday, hitting $21.84. 3,087,959 shares of the stock were exchanged, compared to its average volume of 3,738,388. The stock has a market capitalization of $15.82 billion, a price-to-earnings ratio of -93.52 and a beta of -0.97. Summit Therapeutics has a 12 month low of $1.64 and a 12 month high of $33.89. The business’s 50-day moving average price is $17.38 and its 200 day moving average price is $10.31.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.01. As a group, sell-side analysts expect that Summit Therapeutics will post -0.27 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Citigroup lowered Summit Therapeutics from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $19.00 to $23.00 in a research report on Friday, September 27th. HC Wainwright reaffirmed a “buy” rating and set a $45.00 price target on shares of Summit Therapeutics in a report on Friday, October 4th. Finally, Stifel Nicolaus increased 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.

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.