H.C. Wainwright Reduced its Price Goal on Summit Therapeutics Inc. (SMMT)

Summit Therapeutics Inc. (NASDAQ:SMMT) is one of the 8 Most Promising Biotech Stocks to Buy Now.

On May 4, H.C. Wainwright reduced its price goal on Summit Therapeutics Inc. (NASDAQ:SMMT) to $23 from $30. The firm also noted a weaker interim signal from HARMONi-3 and flagged added risk to the final squamous readout expected in the 2026 second half.

On April 30, Summit Therapeutics Inc. (NASDAQ:SMMT) released its first quarter 2026 results. More than 4000 individuals have received ivonescimab in clinical studies throughout the world. It has been used commercially by over 70000 patients in China through a partner, Akeso.

The business also mentioned that the independent monitoring committee recommended continuing the HARMONi-3 squamous cohort as planned. Final progression-free survival findings are expected in the 2026 second half, and no safety hazards were detected.

Summit Therapeutics Inc. (NASDAQ:SMMT) had $598.7 million in cash on March 31, down from $713.4 million at the end of the year, while GAAP operating costs grew to $195.2 million from $66.8 million.

Summit Therapeutics Inc. (NASDAQ:SMMT) is a biopharmaceutical firm. The company’s main product, Ridinilazole, is an orally given small molecule antibiotic now in Phase III clinical research to treat CDI.

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