Monitor for upcoming clinical catalysts or partnership announcements that could explain the divergent institutional behavior. The 13F lag means positions may have been adjusted since quarter-end; insider buying provides a fresher directional signal. Watch for any 8-K filings or press releases that could resolve the cluster's mixed thesis.
Executive Summary
The Q3 2024 institutional cluster for Summit Therapeutics (SMMT) shows net buying of $64.7M across 12 buyers and net selling of $5.5M across 7 sellers, with notable new positions from Citadel ($14.3M) and D.E. Shaw (doubled to $8.8M), along with significant adds by Schwab ($24.1M) and TD Asset Management ($12.4M). Sellers Balyasny and First Trust each trimmed over 46% of their holdings but saw position values increase due to stock appreciation. The mixed signals and 45-day reporting lag reduce conviction, though $3.3M in insider buying over the past 30 days provides a more recent positive data point.
Key Financial Metrics
Institutional Positions
▲ Buyers (12)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Citadel | NEW | +100% | $14.3M | $14.3M |
| D.E. Shaw | DOUBLED | +1254.1% | $8.8M | $8.6M |
| Schwab | ADD | +53.3% | $31.4M | $24.1M |
▼ Sellers (7)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Balyasny Asset Management | TRIM | -57.3% | $7.9M | — |
| First Trust Advisors | TRIM | -46.3% | $6.1M | — |
| Exchange Traded Concepts | NEAR_EXIT | -85.8% | $357.0K | — |
Key Facts
- 12 institutional buyers added $64.7M, reaching $76.1M in aggregate holdings
- 7 institutional sellers net changed $5.5M (aggregate, includes price appreciation)
- Citadel established a new $14.3M position; D.E. Shaw doubled to $8.8M; Schwab added $24.1M to reach $31.4M
- Balyasny trimmed 57.3% of shares (previous value $7.9M) and First Trust cut 46.3% (previous value $6.1M)
- Exchange Traded Concepts executed a near-full exit, reducing by 85.8%
- Recent insider buying of $3.3M over 30 days contrasts with mixed institutional signals
Financial Impact
Aggregate institutional buying of $64.7M from 12 buyers vs $5.5M net change from 7 sellers; insider purchases of $3.3M in last 30 days
Risk Factors
- 13F data carries a 45-day reporting lag and may not reflect current positioning
- Clinical-stage biotech binary risk from trial outcomes
- Hedge fund selling (Balyasny, First Trust) may indicate thesis fatigue
- Historical model calls on SMMT have had negative T+20 returns
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| INST-CLUSTER Data (Synthetic) | inst-cluster-SMMT-2024-Q3 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 15, 2026 17d ago | 8-K | $17.40 $17.85 | ▲ +2.59% | ▲ +1.77% | — |
Sep 14, 2026 18d ago | 8-K | $18.42 $16.90 | ▼ −8.25% | ▼ −8.36% | — |
Sep 3, 2026 29d ago | 8-K | $17.13 $17.55 | ▲ +2.45% | ▲ +3.60% | — |
Aug 26, 2026 5w ago | 8-K | $14.23 $14.60 | ▲ +2.60% | ▲ +2.72% | — |
Aug 5, 2026 8w ago | 8-K | $13.53 $15.10 | ▲ +11.60% | ▲ +11.25% | — |
Jul 22, 2026 10w ago | 8-K | $14.74 $12.80 | ▼ −13.16% | ▼ −10.76% | — |
Jun 12, 2026 16w ago | Insider Cluster | $14.01 $13.75 | ▼ −1.86% | ▼ −2.53% | — |
Jun 12, 2026 16w ago | Institutional Cluster | $14.01 $13.75 | ▼ −1.86% | ▼ −2.53% | — |
Jun 11, 2026 16w ago | Institutional Cluster | $13.08 $14.07 | ▲ +7.57% | ▲ +7.14% | — |
Jun 9, 2026 16w ago | S-3ASR | $13.05 $13.88 | ▼ −6.36% | ▼ −2.93% | — |
US Market Status
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