Why Summit Therapeutics Inc. (SMMT) Crashed On Wednesday

We recently published a list of Investors Are Dumping These 10 Stocks. In this article, we are going to take a look at where Summit Therapeutics Inc. (NASDAQ:SMMT) stands against other worst-performing stocks on Wednesday.

Summit Therapeutics dropped its share prices by 5.14 percent on Wednesday to finish at $19.56 apiece as investors booked early profits following the previous day’s gains.

Earlier this week, Zacks Equity Research issued a market report on Summit Therapeutics Inc.’s (NASDAQ:SMMT) stock, underscoring a selling pressure that has pushed the company into the oversold territory.

Zacks added that the stock could now 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, as evident in the disposal of its shares.

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