The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Summit Therapeutics Inc. shares valued at $92,003,727 were purchased by DUGGAN ROBERT W on Aug 16. At $0.97 per share, DUGGAN ROBERT W acquired 94,849,203 shares. The insider’s holdings grew to 162,532,792 shares worth approximately $201.54 million following the completion of this transaction.
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Also, Zanganeh Maky purchased 5,624,702 shares, netting a total of over 5,455,961 in proceeds. Following the buying of shares at $0.97 each, the insider now holds 7,061,557 shares.
Before that, Zanganeh Maky had added 184,430 shares to its account. In a trade valued at $178,897, the Co-CEO & President bought Summit Therapeutics Inc. shares for $0.97 each. Upon closing the transaction, the insider’s holdings increased to 184,430 shares, worth approximately $0.45 million.
As published in a research note from Janney on June 28, 2018, Summit Therapeutics Inc. [SMMT] has been rated down from a Buy to a Neutral. Analysts at Janney started covering the stock with ‘”a Buy”‘ outlook in a report released in early May. As of April 12, 2018, Needham has reiterated its “Buy” rating for SMMT. Earlier on February 13, 2018, BTIG Research initiated its rating. Their recommendation was “a Buy” for SMMT stock.
Analyzing SMMT’s Price Performance
On Wednesday, Summit Therapeutics Inc. [NASDAQ: SMMT] plunged -8.15% to $1.24. The stock’s lowest price that day was $1.22, but it reached a high of $1.43 in the same session. During the last five days, there has been a drop of approximately -6.06%. Over the course of the year, Summit Therapeutics Inc. shares have dropped approximately -53.90%. Shares of the company reached a 52-week high of $3.4700 on 03/22/22 and a 52-week low of $0.8801 on 05/25/22. A 50-day SMA is recorded $1.1420, while a 200-day SMA reached $1.9014. Nevertheless, trading volume fell to 1.42 million shares from 0.68 million shares the previous day.
Support And Resistance Levels for Summit Therapeutics Inc. (SMMT)
According to the 24-hour chart, there is a support level at 1.1633, which, if violated, would cause prices to drop to 1.0867. In the upper region, resistance lies at 1.3733. The next price resistance is at 1.5067. RSI (Relative Strength Index) is 50.41 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.0071, which suggests the price will decrease in the coming days. Percent R is at 54.05%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Summit Therapeutics Inc. subject to short interest?
Stocks of Summit Therapeutics Inc. saw a sharp steep in short interest on Jul 14, 2022 dropping by -0.23 million shares to 0.88 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 1.11 million shares. A decline of -26.25% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 3.09 of the overall float, the days-to-cover ratio (short ratio) decline to 3.09.
Which companies own the most shares of Summit Therapeutics Inc. (SMMT)?
According to Polar Capital LLP filings, the company currently owns 5,599,407 shares, which is about 2.78% of the total SMMT shares outstanding. The investor’s shares have plunged by -673,102 from its previous 13-F filing of 6272509.0 shares. With the completion of the sale transaction, The Vanguard Group, Inc.’s stake is now worth $931,106. A total of -118,689 shares of Summit Therapeutics Inc. were sold by Morgan Stanley & Co. LLC during the quarter, and 100,722 by Ergoteles LLC. In its current portfolio, Bridgeway Capital Management LLC holds 89,100 shares valued at $0.11 million.
In terms of Summit Therapeutics Inc. share price expectations, FactSet research, analysts set an average price target of $4.00 in the next 12 months, up nearly 196.3% from the previous closing price of $1.35. Analysts anticipate Summit Therapeutics Inc. stock to reach $4.00 by 2022, with the lowest price target being $4.00. In spite of this, 1 analysts ranked Summit Therapeutics Inc. stock as a Hold at the end of 2022. On January 04, 2018, SunTrust assigned a price target of “a Buy” to the stock and initiated coverage with a $24.