SMMT Summit Therapeutics Inc.
Executive Summary
Three mega-passive institutional investors (Vanguard, State Street, Morgan Stanley) collectively added $122.6M to their SMMT positions in Q3 2025, with Morgan Stanley doubling its stake. The cluster is entirely passive/index-driven, not active manager conviction, and the 45-day reporting lag means positions may have been adjusted since quarter-end. Historical reports on SMMT have underperformed significantly (0% win rate at T+20, avg -19%), suggesting caution despite the buying.
Key Financial Metrics
Institutional Positions
Net institutional flow: $122.6M
▲ Buyers (3)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Vanguard | ADD | +31.2% | $235.1M | $50.5M |
| State Street | ADD | +58.3% | $131.4M | $45.9M |
| Morgan Stanley | DOUBLED | +200.1% | $39.8M | $26.1M |
Actionable Insight
The buying is entirely passive/index-driven, not active manager conviction — likely reflecting SMMT's inclusion in or rebalancing within major indices. With historical reports on SMMT showing 0% win rate at T+20 and avg -19% returns, treat this as a neutral data point. Monitor for any active manager 13F filings in the coming weeks that could signal genuine conviction.
Key Facts
- 3 institutional buyers added $122.6M net in Q3 2025, with zero sellers
- All three buyers are mega-passive/index funds (Vanguard, State Street, Morgan Stanley)
- Morgan Stanley doubled its position (+200.1%, from $13.7M to $39.8M)
- Vanguard added $50.5M (+31.2% shares) and State Street added $45.9M (+58.3% shares)
- Total current holdings from these three funds: $406.4M
- Historical SMMT reports show 0% win rate at T+20 with avg -19% return
Financial Impact
Three passive funds accumulated $122.6M in new SMMT positions during Q3 2025, bringing combined holdings to $406.4M
Risk Factors
- 45-day reporting lag means positions may have been unwound since quarter-end
- All buyers are passive/index funds — no active manager conviction signal
- Historical SMMT reports have significantly underperformed (0% win rate, avg -19% T+20)
- 13F data does not capture short positions or derivatives
Market Snapshot
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| INST-CLUSTER Data (Synthetic) | inst-cluster-SMMT-2025-Q3 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 12, 2026
6d ago
|
Insider Cluster
| $14.01 $14.13 | ▲ +0.86% | ▼ −0.91% | — |
|
Jun 12, 2026
6d ago
|
Institutional Cluster
| $14.01 $14.13 | ▲ +0.86% | ▼ −0.91% | — |
|
Jun 11, 2026
7d ago
|
Institutional Cluster
| $13.08 $14.01 | ▲ +7.11% | ▲ +6.57% | — |
|
Jun 9, 2026
9d ago
|
S-3ASR
| $13.05 $13.08 | ▼ −0.23% | ▲ +1.47% | — |
|
Jun 4, 2026
14d ago
|
Insider Cluster
| $14.77 $14.11 | ▼ −4.47% | ▼ −4.69% | — |
|
Jun 4, 2026
14d ago
|
Insider Cluster
| $14.77 $14.11 | ▼ −4.47% | ▼ −4.69% | — |
|
Jun 3, 2026
15d ago
|
8-K
| $15.07 $14.84 | ▼ −1.53% | ▼ −1.93% | — |
|
Jun 1, 2026
17d ago
|
8-K
| $15.71 $14.86 | ▼ −5.41% | ▼ −5.56% | — |
|
Apr 30, 2026
7w ago
|
8-K
| $16.12 $16.98 | ▲ +5.37% | ▲ +5.71% | — |
|
Apr 17, 2026
8w ago
|
DEFA14A
| $25.12 $26.38 | ▲ +5.02% | ▲ +5.67% | — |
US Market Status
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