Latest news with #SMMT
Yahoo
12 hours ago
- Business
- Yahoo
Why Summit Therapeutics Plunged Today
Summit Therapeutics released more data from another HARMONi phase 3 trial. Results were "mixed," which perhaps led to some disappointment in this stock, which had rocketed higher over the past year. Still, all hope is not lost, analysts say. 10 stocks we like better than Summit Therapeutics › Shares of Summit Therapeutics (NASDAQ: SMMT) have plunged 31% as of 1:23 p.m. ET Friday, following the release of some trial data this morning. Summit has been a tremendous winner over the past year, as its bispecific antibody lung cancer drug ivonescimab outperformed prior standards of care in phase 3 trials performed in China by Summit's partner Akeso (OTC: AKES.F). While today's results weren't all bad by any means, apparently investors had hoped for more conclusive information about survival rates. With such high expectations, it appears investors are taking profits or de-risking in a big way. Today's release showed results of the fourth phase 3 trial known as "HARMONi," the first to include a significant Western patient population (about a third of participants). Last year's positive results largely came from a China-only study. On the positive side, today's data did show that ivonescimab in combination with chemotherapy reduced the risk of disease progression or death by 48%. In addition, the company noted no significant differences between the Asian and Western patient populations. However, the trial didn't show a "statistically significant" benefit in overall survival. Summit has been hoping to apply for FDA approval for ivonescimab in the U.S., but the FDA has told the company it will need to show that statistically significant survival benefit in order to get it. Investors may be getting nervous about that eventual approval. However, analysts don't believe investors should panic. Jefferies biotech analyst Kelly Shi noted the survival endpoint still has a chance of being reached as the data matures further and Western trial patients continue to show survival benefits. So basically, it doesn't appear as though the trial has lasted long enough to reach the statistically significant survival threshold, which doesn't mean that it won't get there. Another analyst was also bullish on the data, despite today's drop. Cantor Fitzgerald biotech analyst Eric Schmidt said, "We think it is fairly clear that this is a drug! ... In each of these four trials, the data posted by ivonescimab appear differentiated from and superior to PD-1 therapy." Therefore, investors may want to take a look at Summit on this drop. While today's data didn't meet the threshold many investors had been hoping for, there is still a chance that it will with more time. Given the success ivonescimab has demonstrated over the past year, it seems likely, though not certain, the drug will eventually be approved. Of course, it's a bit difficult to value a stock like Summit, which has a promising drug candidate but no real current revenues and a market cap that, even down 30% today, is still over $13.5 billion. Before you buy stock in Summit Therapeutics, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Summit Therapeutics wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $638,985!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $853,108!* Now, it's worth noting Stock Advisor's total average return is 978% — a market-crushing outperformance compared to 171% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of May 19, 2025 Billy Duberstein and/or his clients have no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Jefferies Financial Group and Summit Therapeutics. The Motley Fool has a disclosure policy. Why Summit Therapeutics Plunged Today was originally published by The Motley Fool
Forbes
15 hours ago
- Automotive
- Forbes
U.K. Car Manufacturing Slumps To Its Lowest In Over 70 Years
A hybrid Nissan Juke sports utility vehicle on the production line at the Nissan factory in ... More Sunderland, UK, on Friday, Nov. 24, 2023. (Photo: Jose Sarmento Matos) Auto manufacturing in the U.K. has slumped to its lowest for over 70 years in a worrying development for the country's economy, and an industry that has taken a series of knocks in recent years. Data for the month of April, published by U.K. Society for Motor Manufacturers and Traders on Friday, indicated that 59,203 vehicles were made in the country. The figure was the lowest April output for more than 70 years, if 2020 is excluded. That year government restrictions during the Covid-19 pandemic effectively shuttered production. The April figure was 15.8% lower than the same month last year, and a quarter lower than March, when numbers were likely boosted by manufacturers scrambling to export more cars to the U.S. before President Donald Trump's then imminent move on international trade tariffs was widely being factored in by manufacturers. Car production for exports subsequently by 10.1% in April due to falls in demand from the U.K.'s biggest export markets - the U.S. and E.U. The lowest April output before SMMT's latest data release, if pandemic data is excluded, was back in 1952 when 53,517 vehicles were produced. The group also said the total number of vehicles manufactured in the U.K. for the first four months of this year was the lowest on its record since 2009. The SMMT said a number of factors were behind the production declines including tariffs imposed by U.S. and the timing of the Easter holiday break. However, a U.K and Europe-wide shift in the industry as it grapples with ideas to manage a phased move from petrol cars to electric vehicles was also to blame for the temporarily reduced output, it added. It is a problem that is not unique to the U.K., with auto manufacturers in other major European hubs like France, Germany and Italy grappling with similar strategic concerns. 'New trade deals with E.U., U.S. and India provide opportunities for future growth, but urgent action is needed to bolster U.K. manufacturing competitiveness,' the SMMT warned. Recent trends have been troubling. In 2024, Stellantis - the maker of Vauxhall, Citroen and Peugeot brands - warned it may have to halt production in the U.K. due to uncertainty over the British government's approach to EVs. In recent years, the country has also seen the likes of Ford and Honda shut down their auto manufacturing plants. Responding to the data, Mike Hawes, Chief Executive of SMMT, noted: "With automotive manufacturing experiencing its toughest start to the year since 2009, urgent action is needed to boost domestic demand and our international competitiveness. 'Government has recognised automotive manufacturing's critical role in driving the U.K. economy, having successfully negotiated improved trading conditions for the sector with the U.S., E.U. and India in the space of a month.' But to take advantage of these trading opportunities, U.K. automakers must secure additional investment which will depend on the competitiveness and confidence that can be provided by a comprehensive and innovative long-term industrial strategy, Hawes added. 'Get this right and the jobs, economic growth and decarbonisation [in auto manufacturing] will flow across the U.K.'
Auto Express
2 days ago
- Automotive
- Auto Express
UK car production hits lowest point in more than 70 years
Car production in the UK fell to its lowest level in more than 70 years last month, with experts citing the impact of Trump tariffs as well as the Easter break – and warning that the UK car industry is in a 'low-volume crisis'. April saw just 59,203 new cars built in the UK, which represents a 16 per cent drop compared with the same month last year. It's also the lowest April output figure since 1952, with the exception of 2020 due to the Covid-19 lockdown, in which production was effectively halted. Advertisement - Article continues below With April's production figures also a quarter down on March, the Society of Motor Manufacturers and Traders (SMMT) pointed to the Easter break, as well as production changeovers which saw pauses in output. SMMT chief executive Mike Hawes described the past few months as the 'toughest start to the year since 2009', stating that 'urgent action is needed to boost domestic demand and our international competitiveness'. Hawes continued: 'To take advantage of these trading opportunities we must secure additional investment, which will depend on the competitiveness and confidence that can be provided by a comprehensive and innovative long-term industrial strategy. Get this right and the jobs, economic growth and decarbonisation will flow across the UK.' However, it's important not to downplay the impact of US President Donald Trump's sweeping tariffs on automotive imports when discussing the UK's production figures; exports to America fell by just over 10 per cent last month. Professor of Business Economics at the University of Birmingham, David Bailey, told Auto Express that the UK car industry is in 'a low- volume crisis, operating well below capacity and hence with higher cost'. Bailey stated: 'The UK industry is not alone in the pressures it faces, but the Trump tariffs have had a particular impact on [the] UK auto [sector], given the success of British premium and luxury brands in selling into the US.' The solution to all this? Bailey called on the Government to publish and set out its delayed industrial strategy 'sooner rather than later'. He said: 'It's vital to help advanced manufacturing – and automotive – on a range of issues like attracting investment into making EVs, rebuilding the supply chain (including for batteries), retraining and reskilling workers and cutting energy costs.' Come and join our WhatsApp channel for the latest car news and reviews...
Yahoo
2 days ago
- Automotive
- Yahoo
UK vehicle production decline hits record low in April 2025: SMMT
The Society of Motor Manufacturers and Traders (SMMT) has revealed a 15.8% drop in UK car and commercial vehicle production in April 2025. For the month, 59,203 units were manufactured, marking the lowest April output since 1952, barring the exceptional circumstances in 2020 during the first Covid lockdown. Car production in the UK experienced an 8.6% decline, totalling 56,534 units, influenced by the later timing of Easter, model changeovers, and reduced demand from key export markets. The commercial vehicle sector registered a decline of 68.6% to 2,669 units, primarily due to a plant closure and a return to normal demand levels for new heavy goods vehicles after a period of intense post-pandemic growth. Exports of cars saw a 10.1% drop, with the EU and US markets showing declines of 19.1% and 2.7%, respectively. Despite these drops, the EU remained the largest export destination, receiving more than half of all UK car exports, while the US accounted for 16.5%. In contrast, exports to China and Turkey increased by 44% and 31.2%, the report said. Commercial vehicle exports plummeted by 75.8%, with just over half of the production being sent abroad. Despite a 78.9% reduction in shipments, the EU continued to be the primary export market, accounting for 84.9% of the total. Domestic commercial vehicle output also saw a downturn, falling by 54.6%. SMMT chief executive Mike Hawes said: 'With automotive manufacturing experiencing its toughest start to the year since 2009, urgent action is needed to boost domestic demand and our international competitiveness. 'Government has recognised automotive manufacturing's critical role in driving the UK economy, having successfully negotiated improved trading conditions for the sector with the US, EU and India in the space of a month. 'To take advantage of these trading opportunities, we must secure additional investment, which will depend on the competitiveness and confidence that can be provided by a comprehensive and innovative long-term industrial strategy. Get this right and the jobs, economic growth and decarbonisation will flow across the UK.' The industry is now awaiting the government's industrial strategy, which is expected to include measures to enhance the competitiveness of the UK's most valuable export sector, the body said. Last week, the SMMT reported a 49.8% surge in public service vehicle registrations in the UK in Q1 2025, marking the eighth consecutive quarter of growth. "UK vehicle production decline hits record low in April 2025: SMMT" was originally created and published by Motor Finance Online, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Top Gear
2 days ago
- Automotive
- Top Gear
UK car production falls to its lowest level in 73 years (if you don't count lockdown)
Business SMMT figures show historical low for making cars in Blighty Skip 1 photos in the image carousel and continue reading How's business? Last month spelled some pretty rubbish news for UK vehicle production, with April's numbers flagging by a chunky 15.8 per cent. That's the lowest level since 1952, according to the Society of Motor Manufacturers and Traders (SMMT) figures – at least if you don't count lockdown. And why would you? That first pandemic measure pretty much entirely halted production. These – believe it or not – are more usual times, and yet 59,203 units (down from 70,319 in 2024) does not a pretty penny make. Advertisement - Page continues below You might like SMMT boss Mike Hawes said: 'With automotive manufacturing experiencing its toughest start to the year since 2009, urgent action is needed to boost domestic demand and our international competitiveness. 'Government has recognised automotive manufacturing's critical role in driving the UK economy, having successfully negotiated improved trading conditions for the sector with the US, EU and India in the space of a month. Advertisement - Page continues below 'To take advantage of these trading opportunities we must secure additional investment which will depend on the competitiveness and confidence that can be provided by a comprehensive and innovative long-term industrial strategy. Get this right and the jobs, economic growth and decarbonisation will flow across the UK." Thank you for subscribing to our newsletter. Look out for your regular round-up of news, reviews and offers in your inbox. Get all the latest news, reviews and exclusives, direct to your inbox.
