13 Oversold NASDAQ Stocks to Invest In

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2. Summit Therapeutics Inc. (NASDAQ:SMMT)

Analyst Upside: 123.74%

Number of Hedge Fund Holders: 27

Summit Therapeutics Inc. (NASDAQ:SMMT) is one of the most oversold NASDAQ stocks to invest in. On February 2, H.C. Wainwright reaffirmed a Buy rating on Summit Therapeutics Inc. (NASDAQ:SMMT) with a price target of $40.00. The firm views FDA’s acceptance of the Biologics License Application for ivonescimab in EGFR‑mutated NSCLC as a meaningful de‑risking event, stating that it shows the filing is complete enough to merit full review. This sets a clear timeline towards a potential U.S. approval decision by November 2026.

The firm’s valuation work is based on a discounted cash flow model, yielding an enterprise value of around $34 billion and supporting a 12‑month price target of $40 per share, which is underpinned by an 8% discount rate and 4% terminal growth rate. The assumptions point towards H.C. Wainwright’s confidence in the ivonescimab data set and the well‑validated nature of PD‑1 as a target.

The rating update came after Summit Therapeutics Inc. (NASDAQ:SMMT) announced on January 29 that the FDA accepted for filing the company’s Biologics License Application seeking approval for ivonescimab in combination with chemotherapy in patients with epidermal growth factor receptor-mutated locally advanced or metastatic non-squamous non-small cell lung cancer post-tyrosine kinase inhibitor therapy. Management reported that the FDA provided a Prescription Drug User Fee Act goal action date of November 14, 2026.

Summit Therapeutics Inc. (NASDAQ:SMMT) is a biopharmaceutical company that specializes in creating novel medications for infectious and cancerous diseases.

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