Last year, Summit Therapeutics (SMMT -1.24%) was one of the stars of the biotech industry. The company's shares soared following a significant clinical win.
A very bullish analyst move was the news generally responsible for Summit Therapeutics' (SMMT -3.62%) healthy mid-week stock price pop. That upward lift was largely holding as of Friday before market open, as according to data compiled by S&P Global Market Intelligence Summit's share price had risen by almost 8% week to date at that point.
Summit Therapeutics (SMMT 7.62%) has been one of the hottest stocks to own over the past 12 months, with its valuation soaring 300% during that stretch. But things have slowed of late and since the start of 2025, the stock's returns have been flat.
Summit Therapeutics: Mid-2025 NSCLC Data Could Further Entrench Ivonescimab Program
Few companies in the biotech industry have performed better in the past two years than Summit Therapeutics (SMMT -2.71%). The drugmaker's shares are up by nearly 540%, thanks to excellent clinical progress for its leading pipeline candidate, ivonescimab, a cancer treatment in development.
Many companies in the biotech industry performed well last year. Two in particular stood out: Viking Therapeutics (VKTX 3.50%) and Summit Therapeutics (SMMT -2.71%).
It can be exciting to buy a stock that has been red hot and to jump on the bandwagon -- but doing so can come with significant risks. At some point, there's a danger that the stock's rally could dissipate, and at that point, a sell-off may ensue.
Shares of Summit Therapeutics (SMMT 15.40%) had jumped 14.3% at 11:31 a.m. ET on Tuesday.
Shares of biotech Summit Therapeutics (SMMT -8.39%) skyrocketed 583.7% in 2024, according to data from S&P Global Market Intelligence.
Summit Therapeutics (SMMT 8.36%) has risen in prominence in the past two years thanks to a promising pipeline candidate, ivonescimab, a potential cancer treatment. The company's shares are up by 340% since January 2023.
It's been a good year for the stock market as a whole and a tremendous year for a couple of drugmaker start-ups. Shares of Viking Therapeutics (VKTX -1.75%) and Summit Therapeutics (SMMT -0.22%) more than doubled in 2024.
SMMT stock rose after analysts at Jefferies initiated coverage on it, citing optimism about the company's lead pipeline drug.