A company insider recently bought 15,973,743 shares of Summit Therapeutics Inc. [SMMT]. Should You Buy?


Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Summit Therapeutics Inc. shares valued at $16,772,430 were purchased by Zanganeh Mahkam on Mar 08. At $1.05 per share, Zanganeh Mahkam acquired 15,973,743 shares. The insider’s holdings grew to 23,395,269 shares worth approximately $40.94 million following the completion of this transaction.

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Also, Zanganeh Mahkam purchased 7,553,301 shares, netting a total of over 7,930,966 in proceeds. Following the buying of shares at $1.05 each, the insider now holds 9,884,095 shares.

Before that, Dhingra Ankur had added 196,362 shares to its account. In a trade valued at $206,180, the Chief Financial Officer bought Summit Therapeutics Inc. shares for $1.05 each. Upon closing the transaction, the insider’s holdings increased to 196,362 shares, worth approximately $0.41 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.

Analyzing SMMT Stock Performance

On Wednesday, Summit Therapeutics Inc. [NASDAQ: SMMT] plunged -3.85% to $1.75. The stock’s lowest price that day was $1.745, but it reached a high of $1.86 in the same session. During the last five days, there has been a drop of approximately -1.69%. Over the course of the year, Summit Therapeutics Inc. shares have dropped approximately -58.82%. Shares of the company reached a 52-week high of $5.7800 on 01/04/23 and a 52-week low of $1.2500 on 03/07/23. A 50-day SMA is recorded $2.1079, while a 200-day SMA reached $2.2202. Nevertheless, trading volume fell to 0.9 million shares from 1.83 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 1.7100, which, if violated, would cause prices to drop to 1.6700. In the upper region, resistance lies at 1.8250. The next price resistance is at 1.9000. RSI (Relative Strength Index) is 42.76 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.0014, which suggests the price will decrease in the coming days. Percent R is at 85.00%, indicating bearish 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 rise in short interest on Jul 30, 2023 jumping by 0.57 million shares to 10.82 million. Data from Yahoo Finance shows that the short interest on Jun 29, 2023 was 10.25 million shares. A jump of 5.27% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 9.68 of the overall float, the days-to-cover ratio (short ratio) jumped to 9.68.

Which companies own the most shares of Summit Therapeutics Inc. (SMMT)?

According to BlackRock Fund Advisors filings, the company currently owns 7,792,137 shares, which is about 1.12% of the total SMMT shares outstanding. The investor’s shares have appreciated by 6,323,690 from its previous 13-F filing of 1468447.0 shares. The Vanguard Group, Inc. acquire a 296.23% interest valued at $12.1 million while Geode Capital Management LLC purchased a 1,590,328 stake. A total of 2,131,675 shares of Summit Therapeutics Inc. were bought by SSgA Funds Management, Inc. during the quarter, and 963,409 were bought by Northern Trust Investments, Inc. In its current portfolio, Steward Partners Investment Advis holds 600,000 shares valued at $1.26 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 119.78% from the previous closing price of $1.82. Analysts anticipate Summit Therapeutics Inc. stock to reach $4.00 by 2023, 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 2023.


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