Summit Therapeutics slides as traders digest ASCO ivonescimab update

Summit Therapeutics, Inc. (SMMT) is down 6.0% today. Here is some analysis on what might have caused this price movement.

Analysis: The decline appears tied to a “sell-the-news” reaction as investors digested Summit’s ASCO 2026 updates, even though the company highlighted positive overall survival data for ivonescimab in a China-run Phase III study. The move may also reflect ongoing investor sensitivity to valuation and financing/cash-burn risks common in late-stage, pre-revenue biotech names.

Details:

Summit furnished an 8-K outlining that it used an ASCO update call (June 1, 2026) to discuss results from the AK112-206 Phase II metastatic colorectal cancer study and the HARMONi-6 Phase III lung cancer study.

In the HARMONi-6 trial conducted in China by partner Akeso, Summit highlighted an interim overall survival hazard ratio of 0.66 (risk reduction vs comparator regimen) for ivonescimab plus chemotherapy in first-line squamous NSCLC.

Because HARMONi-6 is a single-region China study with data generated/managed by Akeso, some investors may be waiting for additional global read-through and/or clearer U.S. regulatory de-risking before bidding shares higher (this could be a factor).

Separately, recent sell-side initiation/ratings commentary and elevated short interest may be contributing to day-to-day volatility around major conference headlines.

Sources:

SEC.gov, Summit Therapeutics Investor Relations, Investing.com

Disclaimer: This price movement analysis was generated with the help of AI. Please double-check the information provided for mistakes.

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$SMMT Hedge Fund Activity

We have seen 139 institutional investors add shares of $SMMT stock to their portfolio, and 131 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

UBS GROUP AG added 2,809,596 shares (+322.7%) to their portfolio in Q1 2026, for an estimated $53,269,940
FMR LLC removed 2,507,608 shares (-18.8%) from their portfolio in Q1 2026, for an estimated $47,544,247
CITADEL ADVISORS LLC removed 2,033,965 shares (-82.2%) from their portfolio in Q1 2026, for an estimated $38,563,976
POLYMER CAPITAL MANAGEMENT (HK) LTD removed 1,288,121 shares (-90.6%) from their portfolio in Q1 2026, for an estimated $24,422,774
PRICE T ROWE ASSOCIATES INC /MD/ removed 1,093,556 shares (-11.7%) from their portfolio in Q1 2026, for an estimated $20,733,821
SUPERSTRING CAPITAL MANAGEMENT LP added 892,873 shares (+inf%) to their portfolio in Q1 2026, for an estimated $16,928,872
POINT72 ASSET MANAGEMENT, L.P. added 784,186 shares (+inf%) to their portfolio in Q1 2026, for an estimated $14,868,166

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard. You can access data on hedge funds moves and 13F filings through the Quiver Quantitative API 13F endpoint.

$SMMT Analyst Ratings

Wall Street analysts have issued reports on $SMMT in the last several months. We have seen 1 firms issue buy ratings on the stock, and 0 firms issue sell ratings.

Here are some recent analyst ratings:

Citizens issued a "Market Outperform" rating on 01/30/2026

To track analyst ratings and price targets for $SMMT, check out Quiver Quantitative's $SMMT forecast page.

$SMMT Price Targets

Multiple analysts have issued price targets for $SMMT recently. We have seen 7 analysts offer price targets for $SMMT in the last 6 months, with a median target of $18.0.

Here are some recent targets:

Jeffrey Walch from Bernstein set a target price of $7.7 on 05/22/2026
Mitchell S. Kapoor from HC Wainwright & Co. set a target price of $23.0 on 05/04/2026
Kelsey Goodwin from Piper Sandler set a target price of $16.0 on 05/01/2026
Dara Azar from Stifel set a target price of $45.0 on 04/08/2026
Clara Dong from Jefferies set a target price of $15.0 on 03/16/2026
Reni J. Benjamin from Citizens set a target price of $40.0 on 01/30/2026
Etzer Darout from Barclays set a target price of $18.0 on 12/17/2025

This article is not financial advice. See Quiver Quantitative's disclaimers for more information. Note that there may be inaccuracies due to mistakes in ticker-mapping, and other anomalies.