Summit Therapeutics Inc’s recently made public that its Chief Executive Officer Zanganeh Mahkam acquired Company’s shares for reported $0.2 million on Mar 27 ’24. In the deal valued at $3.72 per share,54,321 shares were bought. As a result of this transaction, Zanganeh Mahkam now holds 24,923,800 shares worth roughly $544.34 million.
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Then, Zanganeh Mahkam bought 30,000 shares, generating $112,500 in total proceeds. Upon buying the shares at $3.75, the Chief Executive Officer now owns 30,000 shares.
Before that, Zanganeh Mahkam bought 26,000 shares. Summit Therapeutics Inc shares valued at $96,720 were divested by the Chief Executive Officer at a price of $3.72 per share. As a result of the transaction, Zanganeh Mahkam now holds 520,814 shares, worth roughly $11.37 million.
Citigroup downgraded its Summit Therapeutics Inc [SMMT] rating to a Neutral from a a Buy in a research note published on September 27, 2024; the price target was increased to $23 from $19. A number of analysts have revised their coverage, including H.C. Wainwright’s analysts, who began to cover the stock in mid August with a ‘”a Buy”‘ rating. Citigroup began covering SMMT with “Buy” recommendation on May 07, 2024. Stifel started covering the stock on March 26, 2024. It rated SMMT as “a Buy”.
Price Performance Review of SMMT
On Tuesday, Summit Therapeutics Inc [NASDAQ:SMMT] saw its stock jump 7.85% to $21.84. Over the last five days, the stock has gained 10.92%. Summit Therapeutics Inc shares have risen nearly 736.78% since the year began. Nevertheless, the stocks have risen 1200.00% over the past one year. While a 52-week high of $33.89 was reached on 09/16/24, a 52-week low of $1.64 was recorded on 05/28/24. SMA at 50 days reached $17.56, while 200 days put it at $8.48.
Levels Of Support And Resistance For SMMT Stock
The 24-hour chart illustrates a support level at 20.57, which if violated will result in even more drops to 19.30. On the upside, there is a resistance level at 22.54. A further resistance level may holdings at 23.25. The Relative Strength Index (RSI) on the 14-day chart is 56.51, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 0.60, which suggests price will go down in the next trading period. Percent R suggests that price movement has been low at 32.30%. Stochastics %K at 42.21% indicates the stock is a holding.
How much short interest is there in Summit Therapeutics Inc?
A steep rise in short interest was recorded in Summit Therapeutics Inc stocks on 2024-09-30, dropping by -1.89 million shares to a total of 16.34 million shares. Yahoo Finance data shows the prior-month short interest on 2024-08-30 was 18.23 million shares. There was a decline of -11.55%, which implies that there is a negative sentiment for the stock.
