Summit Therapeutics (SMMT) Nosedives 9% on Dismal Earnings, Absence of Investor Call

We recently published 10 Stocks That Vanished in Value Summit Therapeutics Inc. (NASDAQ:SMMT) is one of the worst-performing stocks on Tuesday.

Summit Therapeutics tumbled by 9.08 percent on Tuesday to close at $25.68 apiece as investor sentiment was dampened by a dismal earnings performance as well as the absence of an investor call to elaborate on the results.

Summit Therapeutics Inc. (NASDAQ:SMMT), which usually reports its quarterly earnings alongside an investor call, decided go without the latter on Monday.

In the second quarter of the year, Summit Therapeutics Inc. (NASDAQ:SMMT) widened its net loss by 836 percent to $565.7 million from $60.4 million in the same period last year, as total operating expenses soared by 853 percent to $568.4 million from $59.6 million year-on-year.

Net loss in the first half also expanded by 505 percent to $628.6 million from $103.9 million year-on-year, as total operating expenses jumped 522 percent to $635.3 million from $102 million.

Summit Therapeutics Inc. (NASDAQ:SMMT) also skipped to comment on its financial and operating results.

While we acknowledge the potential of SMMT as an investment, 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 extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.