Summit Therapeutics Inc (NASDAQ: SMMT): On Track To A Higher Share Price

Summit Therapeutics Inc (NASDAQ:SMMT) shares, rose in value, with the stock price up by 2.60% to the previous day’s close as strong demand from buyers drove the stock to $3.95.

Actively observing the price movement in the last trading, the stock closed the session at $3.85. The value of beta (5-year monthly) was -1.21. Referring to stock’s 52-week performance, its high was $5.22, and the low was $1.30. On the whole, SMMT has fluctuated by -11.83% over the past month.

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With the market capitalization of Summit Therapeutics Inc currently standing at about $2.77 billion, investors are eagerly awaiting this quarter’s results, scheduled for May 09, 2024 – May 13, 2024. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be $0, which is expected to increase to -$0.06 for fiscal year -$0.24 and then to about -$0.29 by fiscal year 2025.

Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that SMMT’s technical picture suggests that short-term indicators denote the stock is a Hold on average. However, medium term indicators have put the stock in the category of 50% Buy while long term indicators on average have been pointing out that it is a 100% Buy.

The stock’s technical analysis shows that the PEG ratio is about 0, with the price of SMMT currently trading nearly -4.54% and -6.34% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 48.44, while the 7-day volatility ratio is showing 8.06% which for the 30-day chart, stands at 10.22%. Furthermore, Summit Therapeutics Inc (SMMT)’s beta value is -1.17, and its average true range (ATR) is 0.41.

A comparison of Summit Therapeutics Inc (SMMT) with its peers suggests the former has fared considerably weaker in the market. SMMT showed an intraday change of 2.60% in last session, and over the past year, it grew by 125.71%%.

Data on historical trading for Summit Therapeutics Inc (NASDAQ:SMMT) indicates that the trading volumes over the past 10 days have averaged 2.46 million and over the past 3 months, they’ve averaged 2.35 million. According to company’s latest data on outstanding shares, there are 701.66 million shares outstanding.

Nearly 88.14% of Summit Therapeutics Inc’s shares belong to company insiders and institutional investors own 4.65% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 16.96 million shares as on Mar 15, 2024, resulting in a short ratio of 6.85. According to the data, the short interest in Summit Therapeutics Inc (SMMT) stood at 2.42% of shares outstanding as of Mar 15, 2024; the number of short shares registered in Feb 15, 2024 reached 12.75 million. The stock has risen by 51.34% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the SMMT stock heading into the next quarter.