Why Summit Therapeutics Inc. (SMMT) Skyrocketed On Tuesday

We recently published a list of 10 Stocks Leaving Wall Street in The Dust. In this article, we are going to take a look at where Summit Therapeutics Inc. (NASDAQ:SMMT) stands against other Tuesday’s best performers.

Summit Therapeutics rebounded on Tuesday, jumping 16.33 percent to finish at $20.62 apiece as investors resorted to bargain-hunting following a selling pressure that pushed the company into the oversold territory.

With its stock now down by more than 36 percent in just a month of trading, Zacks Equity Research said that the stock could be due for a turnaround.

Summit Therapeutics Inc. (NASDAQ:SMMT) currently holds a “buy” recommendation from Zacks, which means that it is in the top 20 percent of more than 4,000 stocks ranked based on trends in earnings estimate revisions and EPS surprises.

In recent news, Summit Therapeutics Inc. (NASDAQ:SMMT) announced late last week that it achieved its primary endpoint of progression-free survival for the evaluation of Ivonescimab combined with platinum-doublet chemotherapy.

However, investors hungry for more concrete developments appeared unimpressed over the past two trading days, as evident in the disposal of its shares.

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