Is Summit Therapeutics Inc. (SMMT) One of the Most Oversold NASDAQ Stocks to Invest In?

Summit Therapeutics Inc. (NASDAQ:SMMT) is one of the most oversold NASDAQ stocks to invest in. On February 2, H.C. Wainwright reaffirmed a Buy rating on Summit Therapeutics Inc. (NASDAQ:SMMT) with a price target of $40.00. The firm views FDA’s acceptance of the Biologics License Application for ivonescimab in EGFR‑mutated NSCLC as a meaningful de‑risking event, stating that it shows the filing is complete enough to merit full review. This sets a clear timeline towards a potential U.S. approval decision by November 2026.

The firm’s valuation work is based on a discounted cash flow model, yielding an enterprise value of around $34 billion and supporting a 12‑month price target of $40 per share, which is underpinned by an 8% discount rate and 4% terminal growth rate. The assumptions point towards H.C. Wainwright’s confidence in the ivonescimab data set and the well‑validated nature of PD‑1 as a target.

The rating update came after Summit Therapeutics Inc. (NASDAQ:SMMT) announced on January 29 that the FDA accepted for filing the company’s Biologics License Application seeking approval for ivonescimab in combination with chemotherapy in patients with epidermal growth factor receptor-mutated locally advanced or metastatic non-squamous non-small cell lung cancer post-tyrosine kinase inhibitor therapy. Management reported that the FDA provided a Prescription Drug User Fee Act goal action date of November 14, 2026.

Summit Therapeutics Inc. (NASDAQ:SMMT) is a biopharmaceutical company that specializes in creating novel medications for infectious and cancerous diseases.

While we acknowledge the potential of SMMT as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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