Summit Therapeutics (SMMT) Stock

We have just put together a list of the 12 Best Multibagger Stocks to Invest in at the moment. In this article, we will examine how Summit Therapeutics Inc. (NASDAQ:SMMT) compares to the other multibagger stocks. The US stock market has been rising in 2024, helping the S&P 500 reach new record levels.

Summit Therapeutics (SMMT 8.36%) has gained attention over the last two years due to its promising drug candidate, ivonescimab, which may treat cancer. Since January 2023, the company's stock has increased by 340%.

The stock market has performed well this year, with some drugmaker start-ups seeing exceptional growth. In 2024, the shares of Viking Therapeutics (VKTX -1.75%) and Summit Therapeutics (SMMT -0.22%) have more than doubled.

SMMT's stock increased after Jefferies analysts started following the company, expressing positive views about its main drug in development.

Summit Therapeutics (SMMT 5.82%) saw a significant boost on Friday after a well-known financial services firm began covering the stock. Following the announcement that Jefferies is now monitoring it, investors quickly bought shares, causing the price to rise by almost 6% during the trading day.

Summit Therapeutics has achieved an important milestone in its Phase III trial for ivonescimab, which is intended for treating advanced NSCLC with EGFR mutations. The FDA has expedited the HARMONi trial, and while the positive Phase III results for ivonescimab compared to KEYTRUDA are encouraging, the drug must complete the HARMONI-7 trial, which has just started recruiting participants. The main results from the HARMONi trial are anticipated in mid-2025, which could lead to FDA approval if enrollment is finished by the third quarter.

Summit Therapeutics (SMMT -2.53%) has seen its stock price increase by 860% in just the past year, indicating strong growth potential. This impressive rise suggests that there may be even more gains ahead.

A new expert who has started to track the company believes that a cancer medication could have great potential for them.

JMP Securities has started following Summit Therapeutics Inc. (SMMT), highlighting that the company originally concentrated on infectious diseases. However, in 2022, it shifted its focus to oncology and acquired ivonescimab (a PD-1 X VEGF bispecific) from Akeso for an upfront payment of $500 million, with the possibility of reaching $5 billion in future milestones.