Why Summit Therapeutics Inc. (SMMT) Crashed Last Week

We recently published a list of These 10 Stocks Just Rocked The Market. In this article, we are going to take a look at where Summit Therapeutics Inc. (NASDAQ:SMMT) stands against other stocks that just rocked the market.

Summit Therapeutics fell by 29.5 percent week-on-week as investors had hoped for more encouraging results from the first trial of its Phase 3 study of Ivonescimab.

Summit Therapeutics Inc. (NASDAQ:SMMT) released initial results of the study last week. While it was not at all bad news, investors appeared to have been discouraged by the lack of concrete results, specifically on survival rates.

In a statement, Summit Therapeutics Inc. (NASDAQ:SMMT) said that the trial met the progression-free survival primary endpoint and showed a positive trend in the overall survival. It logged a hazard ratio of only 0.52.

Why Summit Therapeutics Inc. (SMMT) Crashed Last Week

A laboratory employee in a sterile environment inspecting a microscope focused on a Clostridioides difficile infection sample.

On the other hand, Ivonescimab, in combination with chemotherapy, showed a positive trend in the overall survival but did not achieve a statistically significant benefit. Summit Therapeutics Inc. (NASDAQ:SMMT) said it had a hazard ratio of 0.79.

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.

Overall, SMMT ranks 1st on our list of stocks that just rocked the market. While we acknowledge the potential of SMMT, 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 this cheapest AI stock.

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