10 Stocks Drop The Most Amid Investor Caution

1. Summit Therapeutics Inc. (NASDAQ:SMMT)

Summit Therapeutics nosedived by 14.83 percent on Monday to close at $18.84 apiece as investors sold off following the release of a mixed earnings performance last year.

In a statement, SMMT said its net loss for the last quarter of the year widened by 67 percent to $61.2 million from $36.6 million in the same period a year earlier, as operating loss jumped by 81 percent to $65.6 million from $36.2 million.

However, the full year remained strong, with net losses narrowing by 64 percent to $221.3 million from $614.9 million, as operating loss shrunk by 62.9 percent to $226 million from $610.6 million year-on-year.

In the same news, SMMT announced it would partner with pharmaceutical giant Pfizer Inc. (PFE) for the clinical trial of ivonescimab, a novel, investigational PD-1 / VEGF bispecific antibody, in combination with several of Pfizer’s antibody-drug conjugates (ADCs) across multiple solid tumor settings.

SMMT said the goal was to evaluate ivonescimab, in combination with several unique Pfizer ADCs across multiple solid tumor settings to accelerate the advancement of potentially landscape-changing combinations, which seek to improve the standards of care for patients facing serious unmet needs.

While we acknowledge the potential of SMMT as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. 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 the cheapest AI stock.

READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock

Disclosure: None. This article is originally published at Insider Monkey.