Jim Cramer on Summit Therapeutics: "We're Going to Have to Move On"

Summit Therapeutics Inc. (NASDAQ:SMMT) is one of the stocks on Jim Cramer’s radar. A caller asked for Cramer’s opinion on the stock following recent negative news related to its cancer screening drug. He said:

“No, no, we’re going to have to move on. Sometimes, when you have these things, they just don’t come back. That was a bad one. I’m sorry. I’d love to be able to say, don’t worry about it, but I’m going to, I know that there’s… insider buying. You don’t have to, have to [be in a] hurry to get out of it, but I’m not crazy about it, what can I say?”

Summit Therapeutics Inc. (NASDAQ:SMMT) is a biopharmaceutical company engaged in the discovery, development, and commercialization of therapies designed to meet the needs of patients, healthcare providers, and broader communities, with its lead candidate currently in Phase III trials for cancer treatment. In February, mentioning the company during an episode, Mad Money’s host commented:

“That company has no revenues. I don’t know and it has not made money. It’s obviously just a very big spec. I can’t, I can’t go there.”

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