These 10 Firms Soared Last Week, Here’s Why

6. Summit Therapeutics Inc. (NASDAQ:SMMT)

Summit Therapeutics grew its share price by 18.88 percent last week to end Friday at $27.9 versus the $23.47 the week prior, as investor sentiment was boosted by an investment firm’s bullish outlook despite the company’s disappointing earnings performance in the first quarter of the year.

In its market note, Cantor Fitzgerald reaffirmed its Overweight rating on Summit Therapeutics Inc. (NASDAQ:SMMT) stock, thanks to its promising ivonescimab bispecific antibody, which aims to cure cancer.

Just recently, Summit Therapeutics Inc. (NASDAQ:SMMT) secured the green light from China to offer ivonescimab as a first-line treatment for PD-L1-positive NSCLC, paving the way for further expansion globally.

“We … appreciate the regulatory authorities for their efficient and diligent review, which enables us to offer this new treatment to patients in China,” the company said.

In the first quarter, Summit Therapeutics Inc. (NASDAQ:SMMT) widened its net loss by 44.6 percent to $62.9 million from $43.5 million in the same period last year, as operating expenses picked up by 57.5 percent to $66.8 million from $42.4 million year-on-year.