With only 15% float, a relatively small position cause crowding, squeeze, hard to borrow

Summit Therapeutics (SMMT) is a biotech company focused on cancer treatments, with a market cap of approximately $17 billion.

One of the main reasons the stock is considered a crowded trade is that 85% of its shares are privately held, leaving just 15% of the float available for public trading. A single entity owns 75% of outstanding shares, with an additional 10% under affiliated control—further tightening the public float.

The short position equals just 4% of shares outstanding, but represents 27% of the float—a key metric in S3’s short interest analytics. SMMT ranks as the second most crowded stock in the U.S., trailing only one other name with a similarly restricted float—according to S3’s crowded shorts data.

The squeeze score has consistently hovered near 90, matching the stock’s current crowded score—indicating persistent short squeeze risk.

Short interest has doubled in 2025, jumping from 13% to 27% of float—a notable surge tracked via short interest data

The stock has traded mostly sideways in 2025, masking a brief spike where it nearly doubled in value.

SMMT is up 20% over the past three trading days, pushing the squeeze score to a maxed-out 100. Short interest declined as the stock rallied, suggesting this may be another short squeeze event—similar to the move seen in June.

As short interest has climbed, bearish sentiment has intensified, with several analysts turning negative. Still, analyst sentiment remains more bullish than that of short sellers

The stock borrow cost has surged to 5% annually, up from near zero earlier this year—in step with the spike in short interest.

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