10 Firms Buck Thursday’s Market Bloodbath

2. Summit Therapeutics Inc. (NASDAQ:SMMT)

Summit Therapeutics grew its share prices by 10.53 percent on Thursday after an investment firm reaffirmed its positive rating for the company.

On Thursday, Cantor Fitzgerald maintained its Overweight rating on SMMT following a move by the company’s co-CEO and chairman Bob Duggan to exercise warrants to acquire 4 million SMMT shares.

The transaction was executed nearly four years before the warrants expired at a strike price of $1.58 apiece.

In recent news, SMMT announced it would partner with pharmaceutical giant Pfizer Inc. (PFE) for the clinical trial of ivonescimab, a novel, investigational PD-1 / VEGF bispecific antibody, in combination with several of Pfizer’s antibody-drug conjugates (ADCs) across multiple solid tumor settings.

SMMT said the goal was to evaluate ivonescimab, in combination with several unique Pfizer ADCs across multiple solid tumor settings to accelerate the advancement of potentially landscape-changing combinations, which seek to improve the standards of care for patients facing serious unmet needs.