Piper Sandler Drops, Summit Therapeutics Jumps, Fair Isaac Sinks as New Policy Seen Spurring Competition

On this episode of Stock Movers:

-Piper Sandler (PIPR) shares drop after a report that the firm is in talks for a deal with Piper Sandler Cos., a transaction that would forge together two investment banks. While nothing is finalized, the banks could reach a deal soon, according to the Wall Street Journal, which cited people familiar with the matter that it didn’t identify.

-Summit Therapeutics (SMMT) shares climb. AstraZeneca agreed to invest $2 billion in the oncology drug developer to collaborate on its experimental treatment, ivonescimab. Analysts note the deal provides cash runway and strategic interest for Summit without giving up royalties.

-Fair Isaac (FICO) shares drop after Federal Housing Finance Agency Director Bill Pulte announced a move that makes it easier for lenders to adopt VantageScore. According to analysts, this will increase competition while pressuring FICO’s market share and pricing power.

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