Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. 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 $612.13 million following the completion of this transaction.
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Also, Zanganeh Mahkam purchased 30,000 shares, netting a total of over 112,500 in proceeds. Following the buying of shares at $3.75 each, the insider now holds 30,000 shares.
Before that, Zanganeh Mahkam had added 26,000 shares to its account. In a trade valued at $96,720, the Chief Executive Officer bought Summit Therapeutics Inc shares for $3.72 each. Upon closing the transaction, the insider’s holdings increased to 26,000 shares, worth approximately $12.79 million.
As published in their initiating research note from H.C. Wainwright on August 12, 2024, Summit Therapeutics Inc [SMMT] has been a Buy and the price target has been revised to $16. Analysts at Citigroup started covering the stock with ‘”a Buy”‘ outlook in a report released in early May. As of March 26, 2024, Stifel has initiated its “Buy” rating for SMMT. Earlier on June 28, 2018, Janney downgraded its rating. Their new recommendation was “a Neutral” for SMMT stock which previously was a “a Buy”.
Analyzing SMMT Stock Performance
During the last five days, there has been a surge of approximately 8.19%. Over the course of the year, Summit Therapeutics Inc shares have jumped approximately 841.00%. Shares of the company reached a 52-week high of $33.89 on 09/16/24 and a 52-week low of $2.10 on 05/28/24. A 50-day SMA is recorded $13.36, while a 200-day SMA reached $6.72. Nevertheless, trading volume fell to 8.12 million shares from 14.69 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 23.46, which, if violated, would cause prices to drop to 22.35. In the upper region, resistance lies at 26.17. The next price resistance is at 27.77. RSI (Relative Strength Index) is 64.71 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 6.78, which suggests the price will increase in the coming days. Percent R is at 42.16%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.
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