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Yahoo
25-04-2025
- Business
- Yahoo
Why Summit Therapeutics Inc. (SMMT) Skyrocketed On Monday?
We recently published a list of . In this article, we are going to take a look at where Summit Therapeutics Inc. (NASDAQ:SMMT) stands against other biotech stocks that dominate Monday's top gainers. The stock market kicked off the shortened trading week on a positive note, with Wall Street's major indices finishing in the green following President Donald Trump's temporary tax reprieve on technology companies. The S&P 500 recorded the highest gain, up 0.79 percent, while the Dow Jones came second at 0.78 percent. The tech-heavy Nasdaq was also up by 0.64 percent. Benchmark indices aside, 10 companies dominated by biotechnology firms mirrored the broader market optimism, recording modest gains during the session. In this article, let us explore Monday's top 10 gainers and the reasons behind their gains. To come up with the list, we only considered the stocks with $2 billion market capitalization and $5 million trading volume. A laboratory employee in a sterile environment inspecting a microscope focused on a Clostridioides difficile infection sample. Summit Therapeutics extended its winning streak for the fourth consecutive day on Monday, adding 12.44 percent to end at $26.13 each as the company continued to ride the wave in medical stocks on optimism of lesser risks from the ongoing global trade tensions. In recent news, Cantor Fitzgerald maintained its Overweight rating on SMMT following a move by the company's co-CEO and chairman Bob Duggan to exercise warrants to acquire 4 million SMMT shares. The transaction was executed nearly four years before the warrants expired at a strike price of $1.58 apiece. Meanwhile, Truist Securities also gave the company a Buy rating and a price target of $35, representing a 50.6-percent upside from SMMT's latest closing price. SMMT is a biopharmaceutical oncology company focused on the discovery, development, and commercialization of medicinal therapies. Overall, SMMT ranks 3rd on our list of biotech stocks that dominate Monday's top gainers. While we acknowledge the potential of SMMT as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than SMMT but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Sign in to access your portfolio
Yahoo
25-04-2025
- Business
- Yahoo
Here's Why Summit Therapeutics Stock Soared 15% on Friday
Shares of Summit Therapeutics SMMT rose more than 15% on Friday after the analysts at Cantor Fitzgerald and Truist Securities maintained their positive outlook on the company. Both investment firms remain optimistic about Summit Therapeutics' lead pipeline drug, ivonescimab. This drug was developed in collaboration with China-based Akeso, which is also its original developer. Summit in-licensed the right to develop and market the drug in 2022 across several territories, including the United States and Europe. Cantor reportedly reiterated its Overweight rating on SMMT after an SEC filing revealed that the company's co-chief executive officer (co-CEO), Bob Duggan, exercised warrants to acquire nearly 4 million shares of the company. This transaction was executed about four years before the warrants expired at a strike price of $1.58 each. The analyst pointed out that this indicated a bullish signal for the stock. Another regulatory filing also revealed that the company's other co-CEO, Zanganeh Mahkam, procured a similar number of SMMT shares after exercising her warrants roughly four years in advance. The analysts at Truist also maintained their 'Buy' rating on Summit and a price target of $35 per share. Year to date, shares of Summit have surged 30% against the industry's 10% decline. Image Source: Zacks Investment Research The growing optimism around SMMT stock stems from the recently reported results from the HARMONi-2 study, whichevaluated ivonescimab against Merck's MRK blockbuster oncology drug Keytruda in patients with locally advanced or metastatic NSCLC whose tumors have positive PD-L1 expression. Last year in May, Summit reported that the drug met its primary endpoint of progression-free survival (PFS), delivering statistically significant and clinically meaningful benefits. Updated results released in September further revealed that ivonescimab cut the risk of disease progression or death by nearly half compared to Keytruda. A clinically meaningful benefit of the drug was also seen across multiple clinical subgroups, including those with PD-L1 low and high expression, squamous and non-squamous histologies, and other high-risk patients. Based on the HARMONi-2 study results, we believe that ivonescimab could replace Keytruda as the next standard of care across multiple NSCLC settings. Unlike the Merck drug, which targets the PD-1 protein, the Summit drug is a first-in-class bispecific antibody that targets two proteins, namely PD-1 and VEGF. We believe this dual mechanism differentiates ivonescimab from currently available therapies for solid tumors as there is a potentially higher expression of both these proteins in tumor tissue compared to the normal tissues in the body. Analysts at Truist are optimistic about the overall survival (OS) data from the HARMONI-2 study, expected later this year. OS is considered to be the 'gold standard' for measuring the clinical benefits of a cancer drug. Currently, ivonescimab is only approved in China to treat patients with EGFR-mutated, locally advanced or metastatic non-squamous NSCLC who have progressed after treatment with an EGFR-TKI. This approval, received last year in May, is based on data from the late-stage HARMONi-A study, which showed that treatment with the drug achieved the primary endpoint of PFS when compared to placebo. Summit is currently conducting two late-stage studies on the drug in separate NSCLC settings, with data from one study expected in mid-2025. SMMT is also likely to start a third-late study evaluating the drug in a separate NSCLC setting later this year. Developing bispecific antibodies that target two proteins, namely PD-1 and VEGF, has been one of the lucrative areas in the treatment of cancer of late. Companies like BioNTech BNTX and Instil Bio TIL are also developing their respective PD-1/VEGF-targeting antibody candidates, namely BNT327 and AXN-2510. Despite the competition, we believe Summit enjoys the advantage of being ahead in clinical development over the BioNTech and Instil Bio therapies. The BNTX and TIL candidates are still at least a couple of years away from reaching the same clinical development position as SMMT. In November, Merck signed a deal with China-based LaNova Medicines for the latter's LM-299, which is also based on the same mechanism as ivonescimab. Merck intends to advance the drug's clinical development 'with speed and rigor for patients in need.' Summit Therapeutics PLC price | Summit Therapeutics PLC Quote Summit currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Merck & Co., Inc. (MRK) : Free Stock Analysis Report Summit Therapeutics PLC (SMMT) : Free Stock Analysis Report Instil Bio, Inc. (TIL) : Free Stock Analysis Report BioNTech SE Sponsored ADR (BNTX) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
Yahoo
12-04-2025
- Business
- Yahoo
Why Summit Therapeutics Inc. (SMMT) Soared Last Week?
We recently published a list of . In this article, we are going to take a look at where Summit Therapeutics Inc. (NASDAQ:SMMT) stands against other firms that defied the market slump and recorded double-digit gains last week. The stock market may have taken a beating for most of the week, but it was able to recover losses on Friday, as investors gobbled up shares while weighing the impact of the US-China trade war. Among all major indices, the tech-heavy Nasdaq registered the highest gain, up 7.29 percent, followed by the S&P 500 with 5.7 percent, and the Dow Jones by 4.95 percent. Ten companies, predominantly in the gold and biopharmaceutical sectors, were the week's top performers as investors sought haven from their stocks amid market uncertainties. In this article, we have identified last week's 10 highest gainers and detailed the reasons behind their gains. To come up with the list, we considered only the stocks with a $2 billion market capitalization and $5 million trading volume. The week-on-week prices were based on the companies' closing prices on Friday as against on April 4, or a week earlier. A laboratory employee in a sterile environment inspecting a microscope focused on a Clostridioides difficile infection sample. Summit Therapeutics Inc. surged by 33.87 percent last week to end Friday's trading at $23.24 each from the $17.36 the Friday prior as investors cheered two investment firms' positive ratings for the company. On Thursday, Cantor Fitzgerald maintained its Overweight rating on SMMT following a move by the company's co-CEO and chairman Bob Duggan to exercise warrants to acquire 4 million SMMT shares. The transaction was executed nearly four years before the warrants expired at a strike price of $1.58 apiece. Meanwhile, Truist Securities also gave the company a Buy rating and a price target of $35, representing a 50.6-percent upside from SMMT's latest closing price. SMMT is a biopharmaceutical oncology company focused on the discovery, development, and commercialization of medicinal therapies. Overall, SMMT ranks 3rd on our list of firms that defied the market slump and recorded double-digit gains last week. While we acknowledge the potential of SMMT as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is as promising as SMMT but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Sign in to access your portfolio
Yahoo
12-04-2025
- Business
- Yahoo
Why Summit Therapeutics Inc. (SMMT) Soared Last Week?
We recently published a list of . In this article, we are going to take a look at where Summit Therapeutics Inc. (NASDAQ:SMMT) stands against other firms that defied the market slump and recorded double-digit gains last week. The stock market may have taken a beating for most of the week, but it was able to recover losses on Friday, as investors gobbled up shares while weighing the impact of the US-China trade war. Among all major indices, the tech-heavy Nasdaq registered the highest gain, up 7.29 percent, followed by the S&P 500 with 5.7 percent, and the Dow Jones by 4.95 percent. Ten companies, predominantly in the gold and biopharmaceutical sectors, were the week's top performers as investors sought haven from their stocks amid market uncertainties. In this article, we have identified last week's 10 highest gainers and detailed the reasons behind their gains. To come up with the list, we considered only the stocks with a $2 billion market capitalization and $5 million trading volume. The week-on-week prices were based on the companies' closing prices on Friday as against on April 4, or a week earlier. A laboratory employee in a sterile environment inspecting a microscope focused on a Clostridioides difficile infection sample. Summit Therapeutics Inc. surged by 33.87 percent last week to end Friday's trading at $23.24 each from the $17.36 the Friday prior as investors cheered two investment firms' positive ratings for the company. On Thursday, Cantor Fitzgerald maintained its Overweight rating on SMMT following a move by the company's co-CEO and chairman Bob Duggan to exercise warrants to acquire 4 million SMMT shares. The transaction was executed nearly four years before the warrants expired at a strike price of $1.58 apiece. Meanwhile, Truist Securities also gave the company a Buy rating and a price target of $35, representing a 50.6-percent upside from SMMT's latest closing price. SMMT is a biopharmaceutical oncology company focused on the discovery, development, and commercialization of medicinal therapies. Overall, SMMT ranks 3rd on our list of firms that defied the market slump and recorded double-digit gains last week. While we acknowledge the potential of SMMT as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is as promising as SMMT but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Sign in to access your portfolio
Yahoo
12-04-2025
- Business
- Yahoo
Why Summit Therapeutics Inc. (SMMT) Surged On Friday?
We recently published a list of . In this article, we are going to take a look at where Summit Therapeutics Inc. (NASDAQ:SMMT) stands against other Friday's top performing stocks. The stock market finished the trading week on a positive note, wiping out earlier losses on Friday, as investors weighed the escalating trade tensions between the US and China. Having been battered this week, Wall Street's major indices all finished in the green, led by the Nasdaq, up 2.06 percent, followed by the S&P 500 with 1.81 percent, and the Dow Jones with 1.56 percent. Ten companies, predominantly under the mining and biopharmaceutical sectors, mimicked gains on the back of fresh industry catalysts that boosted buying appetite. In this article, let us explore Friday's top performers and the reasons behind their gains. To come up with the list, we considered only the stocks with a $2 billion market capitalization and $5 million trading volume. A laboratory employee in a sterile environment inspecting a microscope focused on a Clostridioides difficile infection sample. Summit Therapeutics jumped for a third straight day on Friday, adding 15.33 percent to end at $23.24 apiece as investors cheered two investment firms' positive ratings for the company. On Thursday, Cantor Fitzgerald maintained its Overweight rating on SMMT following a move by the company's co-CEO and chairman Bob Duggan to exercise warrants to acquire 4 million SMMT shares. The transaction was executed nearly four years before the warrants expired at a strike price of $1.58 apiece. Meanwhile, Truist Securities also gave the company a Buy rating and a price target of $35, representing a 50.6-percent upside from SMMT's latest closing price. SMMT is a biopharmaceutical oncology company focused on the discovery, development, and commercialization of medicinal therapies. Overall, SMMT ranks 3rd on our list of Friday's top performing stocks. While we acknowledge the potential of SMMT as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is as promising as SMMT but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Sign in to access your portfolio
