By the Top Tier Newswire AI Desk · September 29, 2026 at 10:32 AM ET · reviewed against 31 wire stories
SUMMIT THERAPEUTICS (SMMT) is up +6.10% in the latest session. Our newswire has captured 31 stories on SMMT across 17 sources in the last 36 hours, with AI sentiment reading bullish (avg 64/100).
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Summit Therapeutics (SMMT) surged 6.10% to $16.43 on Tuesday, driven by a $2 billion investment from AstraZeneca in convertible preferred shares. The deal implies a conversion price of $18.36 per common share, based on a five-day volume-weighted average price plus 10%. The stock opened with a 18.1% gap up from the previous close and traded at a session high of $19.09 before retreating.
What Happened
Summit Therapeutics announced a partnership with AstraZeneca that includes a $2 billion investment in convertible preferred shares. This transaction sets a conversion price of $18.36 for common shares, which is based on a five-day volume-weighted average price plus a 10% premium. The collaboration also involves clinical development of Ivonescimab, a first-in-class bispecific antibody targeting PD-1 and VEGF, in combination with antibody drug conjugates across various tumor types. Additionally, the companies agreed to evaluate Sonesitatug Vedotin in combination with Ivonescimab. The news triggered a sharp rise in SMMT stock, which opened at $18.28 and saw significant early trading activity.
What The Data Shows
The stock opened with a large gap of 18.1% and traded at a high of $19.09 before settling to $16.43 at the close of the session. Volume was 12.5 million shares, which is 2.3 times the 3-month daily average. Summit Therapeutics has a market cap of $12.5 billion and is currently unprofitable, with a trailing twelve-month earnings per share of -1.12 and a revenue decline of 100.0% over the same period. The stock has traded between $12.07 and $29.23 over the past 52 weeks and has printed nine fresh 52-week lows on September 29, 2026.
What To Watch
Summit Therapeutics has not provided an upcoming earnings date. Investors may want to monitor the breadth of coverage and any further developments in the partnership with AstraZeneca, as well as the clinical progress of Ivonescimab and Sonesitatug Vedotin.
AI-assisted analysis composed exclusively from headlines and data on the Top Tier newswire. Public view is delayed 4 hours from real time. Not financial advice.
SMMT · today's session (5-min) · +7.30% vs prior close · updated 2:36 PM ETAI sentiment, last 36h · averaged over 31 stories · 64/100 bullish
The headlines behind the move
Story flow · 8 stories on the wire, last 36h · hover or tap a dot for the headline
4h agoMarketChameleonBULLISH 63M&A
AstraZeneca’s $2 Billion Preferred-Share Deal Puts an $18.36 Conversion Price on Summit Therapeutics (SMMT)
Summit Therapeutics said AstraZeneca will invest $2.0 billion in convertible preferred shares, implying an $18.36 common-stock conversion price based on a five-day VWAP plus 10%. The companies also outlined a clinical collaboration to study ivonescimab with AstraZeneca’s sonesitatug vedotin (sone-ve) in gastrointestinal cancers and described a non-binding plan to explore additional combinations with AstraZeneca oncology medicines, including ADCs.
5h agoInvestors.comBULLISH 73M&A
AstraZeneca Pays $2 Bil To Get Into High-Profile Cancer Space
Summit Therapeutics stock catapulted Tuesday after AstraZeneca made a $2 billion investment in the smaller biotech.
6h agoThe FlyBULLISH 67General
Morning Movers: Summit Therapeutics jumps after AstraZeneca investment
6h agoMarketChameleonBULLISH 63M&A
AstraZeneca’s $2 Billion Convertible Preferred Deal Puts an $18.36 Per-Share Marker on Summit Therapeutics (SMMT)
September 29, 2026
Summit Therapeutics (SMMT) announced agreements with AstraZeneca that include a $2.0 billion investment in convertible preferred shares, implying an $18.36 common-stock price at the conversion ratio. The companies also set an imminent clinical collaboration to study ivonescimab with AstraZeneca’s sonesitatug vedotin in GI cancers, while outlining a separate, non-binding MOU to explore additional ivonescimab combinations with AstraZeneca cancer medicines, including ADCs.
Cantor Fitzgerald reiterates Summit Therapeutics stock rating
Cantor Fitzgerald reiterates Summit Therapeutics stock rating
7h agoSeeking AlphaBULLISH 63General
At a glance: stocks gapping up premarket
Stock market premarket update: see Tuesday’s biggest gap-up stocks—Sanger, Summit Therapeutics, Navitas & Airbus—plus futures ahead of key data.
7h agoInvesting.com MarketsBULLISH 58General
Premarket movers: FICO sinks while Summit, AAR and CarMax rise
Premarket movers: FICO sinks while Summit, AAR and CarMax rise
7h agoTipRanksBULLISH 73General
Why Is Summit Therapeutics Stock (SMMT) Soaring in Premarket Today, Sept. 29?
Summit Therapeutics ($SMMT) stock is up 22% in Tuesday’s premarket trading. The gain came after AstraZeneca ($AZN) announced a $2 billion equity investment in Summi...
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