Why Summit Therapeutics Inc. (SMMT) Soared Last Week?

We recently published a list of 10 Firms Defy Market Slump, Record Double-Digit Gains Last Week. In this article, we are going to take a look at where Summit Therapeutics Inc. (NASDAQ:SMMT) stands against other firms that defied the market slump and recorded double-digit gains last week.

The stock market may have taken a beating for most of the week, but it was able to recover losses on Friday, as investors gobbled up shares while weighing the impact of the US-China trade war.

Among all major indices, the tech-heavy Nasdaq registered the highest gain, up 7.29 percent, followed by the S&P 500 with 5.7 percent, and the Dow Jones by 4.95 percent.

Ten companies, predominantly in the gold and biopharmaceutical sectors, were the week’s top performers as investors sought haven from their stocks amid market uncertainties.

In this article, we have identified last week’s 10 highest gainers and detailed the reasons behind their gains.

To come up with the list, we considered only the stocks with a $2 billion market capitalization and $5 million trading volume.

The week-on-week prices were based on the companies’ closing prices on Friday as against on April 4, or a week earlier.

Summit Therapeutics Inc. (NASDAQ:SMMT)

Summit Therapeutics Inc. surged by 33.87 percent last week to end Friday’s trading at $23.24 each from the $17.36 the Friday prior as investors cheered two investment firms’ positive ratings for the company.

On Thursday, Cantor Fitzgerald maintained its Overweight rating on SMMT following a move by the company’s co-CEO and chairman Bob Duggan to exercise warrants to acquire 4 million SMMT shares.

The transaction was executed nearly four years before the warrants expired at a strike price of $1.58 apiece.

Meanwhile, Truist Securities also gave the company a Buy rating and a price target of $35, representing a 50.6-percent upside from SMMT’s latest closing price.

SMMT is a biopharmaceutical oncology company focused on the discovery, development, and commercialization of medicinal therapies.

Overall, SMMT ranks 3rd on our list of firms that defied the market slump and recorded double-digit gains last week. While we acknowledge the potential of SMMT as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is as promising as SMMT but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

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