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Investment Insights: SoFi Technologies and Summit Therapeutics
SoFi Technologies (NASDAQ: SOFI), a financial services company, reported 12.6 million customers as of Q3 2023, marking a 35% year-over-year increase. The company is recognized for its all-digital banking model and is reentering the crypto trading market. SoFi’s personal loan borrowers have an average credit score of 745.
Summit Therapeutics (NASDAQ: SMMT) is developing a promising cancer therapy called ivonescimab, which surpassed Merck’s Keytruda in a phase 3 clinical trial for advanced non-small cell lung cancer (NSCLC). Ivonescimab is already approved in China, and projections suggest it could generate up to $53 billion in annual sales at peak. Summit holds rights for most markets outside China.
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