Why Summit Therapeutics Inc. (SMMT) Crashed On Friday

We recently published a list of These 10 Stocks Lost This Much Today. In this article, we are going to take a look at where Summit Therapeutics Inc. (NASDAQ:SMMT) stands against other Friday’s worst performers.

Summit Therapeutics fell by 30.50 percent on Friday to finish at $18.22 apiece as investors sold off positions, hoping for more promising results from the first trial of its Phase 3 study of Ivonescimab.

While the data was not at all bad news, investors had hoped for more concrete results, specifically on the patients’ survival rates.

Why Summit Therapeutics Inc. (SMMT) Crashed On Friday

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

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.

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 Friday’s worst performers. 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 10,000x 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.