Summit Therapeutics Inc. (NASDAQ:SMMT) Short Interest Down 13.3% in June

Summit Therapeutics Inc. (NASDAQ:SMMT) was the recipient of a large drop in short interest during the month of June. As of June 30th, there was short interest totalling 20,310,000 shares, a drop of 13.3% from the June 15th total of 23,430,000 shares. Based on an average trading volume of 4,010,000 shares, the short-interest ratio is presently 5.1 days. Currently, 24.4% of the company’s shares are short sold.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Citigroup raised their price target on Summit Therapeutics from $7.00 to $13.00 and gave the stock a “buy” rating in a research note on Friday, May 31st. Stifel Nicolaus raised their price objective on Summit Therapeutics from $8.00 to $14.00 and gave the stock a “buy” rating in a report on Monday, June 3rd.

Summit Therapeutics Trading Down 1.5 %

SMMT opened at $8.55 on Monday. The stock’s fifty day moving average is $6.67 and its two-hundred day moving average is $4.87. The company has a market capitalization of $6.00 billion, a P/E ratio of -53.44 and a beta of -0.97. Summit Therapeutics has a 52 week low of $1.52 and a 52 week high of $11.25. The company has a quick ratio of 6.97, a current ratio of 6.97 and a debt-to-equity ratio of 2.26.

Summit Therapeutics (NASDAQ:SMMT) last announced its quarterly earnings results on Wednesday, May 1st. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.01. Analysts forecast that Summit Therapeutics will post -0.26 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Russell Investments Group Ltd. increased its holdings in shares of Summit Therapeutics by 142.2% in the 1st quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company’s stock valued at $25,000 after acquiring an additional 3,579 shares during the period. Wealth Management Partners LLC acquired a new stake in Summit Therapeutics during the 4th quarter worth about $39,000. Tower Research Capital LLC TRC lifted its position in Summit Therapeutics by 212.8% during the 4th quarter. Tower Research Capital LLC TRC now owns 21,144 shares of the company’s stock worth $55,000 after acquiring an additional 14,384 shares during the period. Sectoral Asset Management Inc. lifted its position in Summit Therapeutics by 50.0% during the 4th quarter. Sectoral Asset Management Inc. now owns 30,000 shares of the company’s stock worth $78,000 after acquiring an additional 10,000 shares during the period. Finally, Virtu Financial LLC lifted its position in Summit Therapeutics by 23.3% during the 1st quarter. Virtu Financial LLC now owns 20,372 shares of the company’s stock worth $84,000 after acquiring an additional 3,846 shares during the period. 4.61% of the stock is currently owned by hedge funds and other institutional investors.

Summit Therapeutics Company Profile

Summit Therapeutics Inc, a biopharmaceutical company, focuses on discovery, development, and commercialization of patient, physician, caregiver, and societal friendly medicinal therapies in the United States, and the United Kingdom. The company's lead development candidate is Ivonescimab, a bispecific antibody for immunotherapy through blockade of PD-1 with the anti-angiogenesis; and anti-infectives portfolio includes SMT-738, a novel class of precision antibiotics for the treatment of multidrug resistant infections, which primarily includes carbapenem-resistant Enterobacteriaceae infections.