Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Summit Therapeutics Inc shares valued at $201,874 were purchased by Zanganeh Mahkam on Mar 27 ’24. At $3.72 per share, Zanganeh Mahkam acquired 54,321 shares. The insider’s holdings grew to 24,923,800 shares worth approximately $99.7 million following the completion of this transaction.
Also, Zanganeh Mahkam purchased 26,000 shares, netting a total of over 96,720 in proceeds. Following the buying of shares at $3.72 each, the insider now holds 520,814 shares.
Before that, Dhingra Ankur had added 100,000 shares to its account. In a trade valued at $375,000, the Chief Financial Officer bought Summit Therapeutics Inc shares for $3.75 each. Upon closing the transaction, the insider’s holdings increased to 100,000 shares, worth approximately $1.42 million.
As published in their initiating research note from Stifel on March 26, 2024, Summit Therapeutics Inc [SMMT] has been a Buy and the price target has been revised to $8. Analysts at Janney downgraded the stock from ‘”a Buy”‘ to ‘”a Neutral”‘ outlook in a report released in late June. As of May 02, 2018, Janney has initiated its “Buy” rating for SMMT. Earlier on April 12, 2018, Needham resumed its rating. Their recommendation was “a Buy” for SMMT stock.
Analyzing SMMT Stock Performance
During the last five days, there has been a surge of approximately 1.27%. Over the course of the year, Summit Therapeutics Inc shares have jumped approximately 53.26%. Shares of the company reached a 52-week high of $5.22 on 03/05/24 and a 52-week low of $2.53 on 01/02/24. A 50-day SMA is recorded $4.20, while a 200-day SMA reached $2.68. Nevertheless, trading volume fell to 3.19 million shares from 1.59 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 3.89, which, if violated, would cause prices to drop to 3.79. In the upper region, resistance lies at 4.11. The next price resistance is at 4.23. RSI (Relative Strength Index) is 50.04 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.22, which suggests the price will decrease in the coming days. Percent R is at 46.04%, 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 rise in short interest on Mar 15, 2024 jumping by 4.21 million shares to 16.96 million. Data from Yahoo Finance shows that the short interest on Feb 15, 2024 was 12.75 million shares. A jump of 24.82% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 6.85 of the overall float, the days-to-cover ratio (short ratio) jumped to 6.85.
