5 Large Cap Stocks Under $30 With Huge Upside Potential

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1. Summit Therapeutics (NASDAQ:SMMT)

Summit Therapeutics (NASDAQ:SMMT) is one of the 15 large cap stocks under $30 with huge upside potential.

On March 16, Jefferies downgraded its rating for Summit Therapeutics Inc. (NASDAQ:SMMT) from Buy to Hold. The stock was also subject to a substantial target price revision by the firm, from $42 to $15. The firm lists four significant catalysts for Summit in 2026, each of which carries some risk.

Jefferies also noted that, given the ambiguous translation from China to the rest of the world, a clean win is not an easy call for the HARMONi-6 reading. Although Summit Therapeutics Inc. (NASDAQ:SMMT) is the early mover and PD-1/VEGF appears to be a promising class, the firm seeks to find another way to play it.

Back on February 24, Summit Therapeutics (NASDAQ:SMMT) reported its fourth-quarter adjusted EPS of (14c), above the consensus of (1c), reflecting solid operational performance. The company provided updates on its global Phase III HARMONi-3 clinical trial, highlighting progress in both the squamous and non-squamous cohorts.

Screening for the squamous cohort has been completed during the first quarter of 2026, while enrollment for the non-squamous cohort is expected to finish in the second half of the year. Interim analyses for PFS and OS are planned at pre-specified milestones to ensure robust data assessment.

Summit Therapeutics (NASDAQ:SMMT) is a clinical-stage biopharma company that develops and commercializes medical oncology therapies. It is focused on developing ivonescimab, a bispecific antibody that combines blockade of PD-1 and anti-angiogenesis in a single molecule. It is also running Phase III clinical trials for the treatment of non-small lung cancer.

While we acknowledge the potential of SMMT to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than SMMT and that has 100x upside potential, check out our report about the cheapest AI stock.

READ NEXT: 40 Most Popular Stocks Among Hedge Funds Heading Into 2026 and 12 Oversold Financial Stocks to Invest in According to Hedge Funds.

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