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Here’s Why Summit Therapeutics Inc (NASDAQ: SMMT) Is An Attractive Pick For Investors Now

Summit Therapeutics Inc (NASDAQ:SMMT) price closed higher on Monday, February 12, jumping 3.78% above its previous close.

A look at the daily price movement shows that the last close reads $4.50. The company’s 5Y monthly beta was ticking -1.16. Taking into account the 52-week price action we note that the stock hit a 52-week high of $4.72 and 52-week low of $1.25. The stock added 57.24% on its value in the past month.

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Summit Therapeutics Inc, which has a market valuation of $3.26 billion, is expected to release its quarterly earnings report Mar 07, 2024 – Mar 11, 2024.

Revisions to the company’s EPS highlights a short term direction of a stock’s price movement, which in the last 7 days came up with no upward and no downward reviews. On the technical perspective front, indicators give SMMT a short term outlook of 100% Buy on average. Looking at the stock’s medium term indicators we note that it is averaging as a 100% Buy, while an average of long term indicators are currently assigning the stock as 100% Buy.

The overview shows that SMMT’s price is at present 20.12% off the SMA20 and 52.65% from the SMA50. The Relative Strength Index (RSI) metric on the 14-day timeframe is pointing at 71.12, with weekly volatility standing at 6.93%. The indicator jumps to 9.77% when calculated based on the past 30 days. Summit Therapeutics Inc (NASDAQ:SMMT)’s beta value is holding at -1.22, while the average true range (ATR) indicator is currently reading 0.32.

An analysis of the Summit Therapeutics Inc (NASDAQ:SMMT) stock in terms of its daily trading volume indicates that the 3-month average is 1.01. However, this figure increases on the past 10-day timeline to an average of 1.89 million.

Current records show that the company has 211.09M in outstanding shares. The insiders’ percentage holdings are 83.74% of outstanding shares while the percentage share held by institutions stands at 4.69%. The stats also highlight that short interest as of Jan 31, 2024, stood at 11.3 million shares, which puts the short ratio at the time at 4.99. From this we can glean that short interest is 1.61% of company’s current outstanding shares. Notably, we see that shares short in January rose slightly given the previous month’s figure stood at 9.79 million. But the 78.93% upside, the stock’s price has registered year-to-date as of last trading, will likely reignite investor interest given the prospect of it rallying even higher.