• Education
    • Higher Education
    • Scholarships & Grants
    • Online Learning
    • School Reforms
    • Research & Innovation
  • Lifestyle
    • Travel
    • Food & Drink
    • Fashion & Beauty
    • Home & Living
    • Relationships & Family
  • Technology & Startups
    • Software & Apps
    • Startup Success Stories
    • Startups & Innovations
    • Tech Regulations
    • Venture Capital
    • Artificial Intelligence
    • Cybersecurity
    • Emerging Technologies
    • Gadgets & Devices
    • Industry Analysis
  • About us
  • Contact
  • Advertise with Us
  • Privacy & Policy
Today Headline
  • Home
  • World News
    • Us & Canada
    • Europe
    • Asia
    • Africa
    • Middle East
  • Politics
    • Elections
    • Political Parties
    • Government Policies
    • International Relations
    • Legislative News
  • Business & Finance
    • Market Trends
    • Stock Market
    • Entrepreneurship
    • Corporate News
    • Economic Policies
  • Science & Environment
    • Space Exploration
    • Climate Change
    • Wildlife & Conservation
    • Environmental Policies
    • Medical Research
  • Health
    • Public Health
    • Mental Health
    • Medical Breakthroughs
    • Fitness & Nutrition
    • Pandemic Updates
  • Sports
    • Football
    • Basketball
    • Tennis
    • Olympics
    • Motorsport
  • Entertainment
    • Movies
    • Music
    • TV & Streaming
    • Celebrity News
    • Awards & Festivals
  • Crime & Justice
    • Court Cases
    • Cybercrime
    • Policing
    • Criminal Investigations
    • Legal Reforms
No Result
View All Result
  • Home
  • World News
    • Us & Canada
    • Europe
    • Asia
    • Africa
    • Middle East
  • Politics
    • Elections
    • Political Parties
    • Government Policies
    • International Relations
    • Legislative News
  • Business & Finance
    • Market Trends
    • Stock Market
    • Entrepreneurship
    • Corporate News
    • Economic Policies
  • Science & Environment
    • Space Exploration
    • Climate Change
    • Wildlife & Conservation
    • Environmental Policies
    • Medical Research
  • Health
    • Public Health
    • Mental Health
    • Medical Breakthroughs
    • Fitness & Nutrition
    • Pandemic Updates
  • Sports
    • Football
    • Basketball
    • Tennis
    • Olympics
    • Motorsport
  • Entertainment
    • Movies
    • Music
    • TV & Streaming
    • Celebrity News
    • Awards & Festivals
  • Crime & Justice
    • Court Cases
    • Cybercrime
    • Policing
    • Criminal Investigations
    • Legal Reforms
No Result
View All Result
Today Headline
No Result
View All Result
Home Business & Finance

Billionaire Ken Griffin Is Selling Palantir and Buying a Stock Wall Street Expects to Rocket 139% Higher todayheadline

December 2, 2024
in Business & Finance
Reading Time: 3 mins read
A A
0
4
SHARES
8
VIEWS
Share on FacebookShare on Twitter


Do you ever wonder what America’s wealthiest stock traders are buying and selling? Thanks to the Securities and Exchange Commission, you don’t have to. Every three months, anyone with over $100 million in assets under management has to file a 13F form that shows everyone which stocks they’ve been buying and selling.

Artificial intelligence (AI) has been the stock market’s dominant theme since ChatGPT began raising eyebrows a couple of years ago. From the end of 2022 through Nov. 1, 2024, shares of the AI data-mining specialist Palantir (PLTR 1.56%) rocketed 945% higher.

Citadel ended September with 91% fewer Palantir shares, despite the stock’s eye-popping gains, after selling about 5.2 million in the third quarter. Citadel also hedges its common stock position with lots of put and call contracts. Overall, though, it looks like Griffin isn’t expecting the AI giant’s bull run to continue.

Citadel dumped shares of Palantir in the third quarter but wasn’t afraid to start a new position in another high-rising stock, Summit Therapeutics (SMMT -2.53%). Shares of the clinical-stage cancer drug developer are up by over 600% in 2024, and Wall Street analysts who follow the stock expect it to climb even higher. H.C. Wainwright analyst Mitchell Kapoor recently issued a $44 per-share price target that implies a 139% gain from its closing price on Nov. 29.

Why Wall Street’s bullish for Summit Therapeutics

Summit Therapeutics is developing ivonescimab for the treatment of lung cancer outside of China. Akeso, the Chinese company that owns ivonescimab, already earned approval from local regulators to market the therapy to lung cancer patients with disease that progressed following their initial line of treatment.

Ivonescimab raised a lot of eyebrows this September when Akeso unveiled surprising results from a head-to-head trial with Keytruda. Newly diagnosed lung cancer patients who received ivonescimab were 49% less likely to worsen than patients who received Keytruda.

Lung cancer isn’t the most commonly diagnosed malignancy, but it is one of the deadliest. Keytruda is approved to treat over a dozen different types of cancer, but its approval to treat first-line lung cancer patients did more to push 2023 sales of the drug up to $25 billion than any other. One successful head-to-head trial against the market leader doesn’t necessarily mean ivonescimab will become a $25 billion per year drug, but it’s a big step in that direction.

Ivonescimab isn’t approved by the U.S. Food and Drug Administration (FDA) yet. If it getrs the green light, selling it to oncologists already familiar with Keytruda could be relatively easy. Keytruda boosts the immune system’s ability to attack solid tumors by inhibiting the programmed death ligand-1 (PD-1) pathway. Ivonescimab is a double-sided protein that inhibits PD-1 plus vascular endothelial growth factor (VEGF) at the same time.

Oncologists will likely feel more comfortable prescribing ivonescimab than they generally are when considering new cancer therapies. That’s because combining VEGF inhibitors, such as Avastin with PD-1 drugs like Keytruda, is already a common practice.

What’s next for ivonescimab and Summit?

The successful head-to-head trial between Keytruda and ivonescimab was conducted in China. The FDA won’t approve a new cancer therapy for sale in the U.S. unless it’s been tested on lots of North American patients.

To support applications outside of China, Summit Therapeutics is running a pair of phase 3 trials in the U.S. The Harmoni trial will test if adding ivonescimab to standard chemotherapy outperforms standard chemo plus a placebo among second-line patients. The study has completed enrollment, and top-line data is expected in mid-2025.

The Harmoni-3 trial will test ivonescimab plus chemo against Keytruda plus chemo among newly diagnosed lung cancer patients. The first-line study is still enrolling, and top-line results aren’t expected until 2027. This study is far more important to Summit investors because newly diagnosed patients tend to stay on therapy much longer than folks who’ve already relapsed.

A buy now?

A successful result for the second-line Harmoni trial could send Summit Therapeutics stock soaring in anticipation of positive results for Harmoni-3. That said, a great deal of success has already been baked into this stock’s price. Its market cap was a whopping $13.6 billion at the end of November. That’s an enormous valuation for a company that doesn’t have any products to sell yet.

I think ivonescimab will eventually become a popular first-line lung cancer therapy, but my risk-tolerance level isn’t high enough to buy this stock. Summit won’t have a recurring source of revenue until early 2026 at the earliest. If data for ivonescimab fails to excite investors when Harmoni reads out next year, anyone who bought the stock at its inflated valuation could suffer heavy losses.

For billionaire investors with an ultra-high tolerance for risk, a bet on Summit Therapeutics makes sense. For most of us, though, it’s just too risky.

Cory Renauer has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Palantir Technologies and Summit Therapeutics. The Motley Fool has a disclosure policy.

Tags: billionairebuyingexpectsGriffinHigherKenPalantirRocketsellingStockstreettodayheadlineWall
Previous Post

Australia should break with US sanctions under Trump

Next Post

Trump’s pick to run FCC is an ominous sign for Big Tech

Related Posts

A federal court just killed Trump’s tariff program, immediately striking them down nationwide

A federal court just killed Trump’s tariff program, immediately striking them down nationwide todayheadline

May 29, 2025
5
Stocks rally in Asia as Trump tariffs hit court hurdle

Stocks rally in Asia as Trump tariffs hit court hurdle todayheadline

May 29, 2025
0
Next Post

Trump’s pick to run FCC is an ominous sign for Big Tech

  • Trending
  • Comments
  • Latest
Family calls for change after B.C. nurse dies by suicide after attacks on the job

Family calls for change after B.C. nurse dies by suicide after attacks on the job

April 2, 2025
Pioneering 3D printing project shares successes

Product reduces TPH levels to non-hazardous status

November 27, 2024

Hospital Mergers Fail to Deliver Better Care or Lower Costs, Study Finds todayheadline

December 31, 2024

Police ID man who died after Corso Italia fight

December 23, 2024
Harris tells supporters 'never give up' and urges peaceful transfer of power

Harris tells supporters ‘never give up’ and urges peaceful transfer of power

0
Des Moines Man Accused Of Shooting Ex-Girlfriend's Mother

Des Moines Man Accused Of Shooting Ex-Girlfriend’s Mother

0

Trump ‘looks forward’ to White House meeting with Biden

0
Catholic voters were critical to Donald Trump’s blowout victory: ‘Harris snubbed us’

Catholic voters were critical to Donald Trump’s blowout victory: ‘Harris snubbed us’

0
Libya's east govt may declare force majeure on oil fields, ports

Libya’s east govt may declare force majeure on oil fields, ports

May 29, 2025
Drivers weigh in on cars at end of Indy 500 lead lap: ‘Get the F out of the way’

Drivers weigh in on cars at end of Indy 500 lead lap: ‘Get the F out of the way’

May 29, 2025
Wrexham 1-0 Mansfield (Nov 9, 2024) Game Analysis - ESPN

Miami vs. CF Montréal (May 28, 2025) Live Score – ESPN

May 29, 2025
No Duke-Miami matchup in ACC's 18-game men's basketball schedule

No Duke-Miami matchup in ACC’s 18-game men’s basketball schedule todayheadline

May 29, 2025

Recent News

Drivers weigh in on cars at end of Indy 500 lead lap: ‘Get the F out of the way’

Drivers weigh in on cars at end of Indy 500 lead lap: ‘Get the F out of the way’

May 29, 2025
2
Wrexham 1-0 Mansfield (Nov 9, 2024) Game Analysis - ESPN

Miami vs. CF Montréal (May 28, 2025) Live Score – ESPN

May 29, 2025
5
No Duke-Miami matchup in ACC's 18-game men's basketball schedule

No Duke-Miami matchup in ACC’s 18-game men’s basketball schedule todayheadline

May 29, 2025
0
A federal court just killed Trump’s tariff program, immediately striking them down nationwide

A federal court just killed Trump’s tariff program, immediately striking them down nationwide todayheadline

May 29, 2025
5

TodayHeadline is a dynamic news website dedicated to delivering up-to-date and comprehensive news coverage from around the globe.

Follow Us

Browse by Category

  • Africa
  • Asia
  • Basketball
  • Business & Finance
  • Climate Change
  • Crime & Justice
  • Cybersecurity
  • Economic Policies
  • Elections
  • Entertainment
  • Entrepreneurship
  • Environmental Policies
  • Europe
  • Football
  • Gadgets & Devices
  • Health
  • Medical Research
  • Mental Health
  • Middle East
  • Motorsport
  • Olympics
  • Politics
  • Public Health
  • Relationships & Family
  • Science & Environment
  • Software & Apps
  • Space Exploration
  • Sports
  • Stock Market
  • Technology & Startups
  • Tennis
  • Travel
  • Uncategorized
  • Us & Canada
  • Wildlife & Conservation
  • World News

Recent News

Libya's east govt may declare force majeure on oil fields, ports

Libya’s east govt may declare force majeure on oil fields, ports

May 29, 2025
Drivers weigh in on cars at end of Indy 500 lead lap: ‘Get the F out of the way’

Drivers weigh in on cars at end of Indy 500 lead lap: ‘Get the F out of the way’

May 29, 2025
  • Education
  • Lifestyle
  • Technology & Startups
  • About us
  • Contact
  • Advertise with Us
  • Privacy & Policy

© 2024 Todayheadline.co

Welcome Back!

OR

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Business & Finance
  • Corporate News
  • Economic Policies
  • Entrepreneurship
  • Market Trends
  • Crime & Justice
  • Court Cases
  • Criminal Investigations
  • Cybercrime
  • Legal Reforms
  • Policing
  • Education
  • Higher Education
  • Online Learning
  • Entertainment
  • Awards & Festivals
  • Celebrity News
  • Movies
  • Music
  • Health
  • Fitness & Nutrition
  • Medical Breakthroughs
  • Mental Health
  • Pandemic Updates
  • Lifestyle
  • Fashion & Beauty
  • Food & Drink
  • Home & Living
  • Politics
  • Elections
  • Government Policies
  • International Relations
  • Legislative News
  • Political Parties
  • Africa
  • Asia
  • Europe
  • Middle East
  • Artificial Intelligence
  • Cybersecurity
  • Emerging Technologies
  • Gadgets & Devices
  • Industry Analysis
  • Basketball
  • Football
  • Motorsport
  • Olympics
  • Climate Change
  • Environmental Policies
  • Medical Research
  • Science & Environment
  • Space Exploration
  • Wildlife & Conservation
  • Sports
  • Tennis
  • Technology & Startups
  • Software & Apps
  • Startup Success Stories
  • Startups & Innovations
  • Tech Regulations
  • Venture Capital
  • Uncategorized
  • World News
  • Us & Canada
  • Public Health
  • Relationships & Family
  • Travel
  • Research & Innovation
  • Scholarships & Grants
  • School Reforms
  • Stock Market
  • TV & Streaming
  • Advertise with Us
  • Privacy & Policy
  • About us
  • Contact

© 2024 Todayheadline.co