The trading price of Summit Therapeutics Inc (NASDAQ:SMMT) closed higher on Thursday, March 29, closing at $4.14, 10.40% higher than its previous close.
In examining the 52-week price action we see that the stock hit a 52-week high of $5.22 and a 52-week low of $1.30. Over the past month, the stock has lost -8.61% in value.
Summit Therapeutics Inc, whose market valuation is $2.90 billion at the time of this writing, is expected to release its quarterly earnings report May 09, 2024 – May 13, 2024. Investors’ optimism about the company’s current quarter earnings report is understandable.
A company’s earnings reviews provide a brief indication of a stock’s direction in the short term, where in the case of Summit Therapeutics Inc No upward and no downward comments were posted in the last 7 days. On the technical side, indicators suggest SMMT has a 25% Buy on average for the short term. According to the data of the stock’s medium term indicators, the stock is currently averaging as a 50% Buy, while an average of long term indicators suggests that the stock is currently 100% Buy.
A quick review shows that SMMT’s price is currently -1.96% off the SMA20 and -1.04% off the SMA50. The RSI metric on the 14-day chart is currently showing 51.17, and weekly volatility stands at 10.09%. When measured over the past 30 days, the indicator reaches 10.14%. Summit Therapeutics Inc (NASDAQ:SMMT)’s beta value is currently sitting at -1.22, while the Average True Range indicator is currently displaying 0.45.
To see how Summit Therapeutics Inc stock has been performing in comparison to its peers in the industry, here are the numbers: SMMT stock’s performance was 10.40% in the latest trading, and 136.57% in the past year.
An evaluation of the daily trading volume of Summit Therapeutics Inc (NASDAQ:SMMT) indicates that the 3-month average is 2.29 million. However, this figure has increased over the past 10 days to an average of 2.87 million.
Currently, records show that 701.66 million of the company’s shares remain outstanding. The insiders hold 88.13% of outstanding shares, whereas institutions hold 4.64%. The stats also highlight that short interest as of Mar 15, 2024, stood at 16.96 million shares, resulting in a short ratio of 6.85 at that time. From this, we can conclude that short interest is 2.42% of the company’s total outstanding shares. It is noteworthy that short shares in March were up slightly from the previous month’s figure, which was 12.75 million. However, since the stock’s price has seen 58.62% year-to-date, investors’ interest is likely to be reignited due to its potential to move even higher.
