We recently published an article entitled Why These 10 Stocks Jumped Yesterday. In this article, we are going to take a look at where Summit Therapeutics Inc. (NASDAQ:SMMT) stands against the other stocks that jumped yesterday.

Broader indices haven't been performing very well since the Fed's not so surprise revelation about the number of expected cuts in 2025. Nevertheless, several stocks on Thursday posted notable gains.

A laboratory employee in a sterile environment inspecting a microscope focused on a Clostridioides difficile infection sample.

Summit Therapeutics Inc. (NASDAQ:SMMT)

Shares of Summit Therapeutics (SMMT) on Thursday closed higher by 8.36 percent at $18.40 apiece as traders took heart from news that the company—in partnership with Chinese biotech Akeso—is developing a lung cancer treatment drug called ivonescimab, in hopes of bringing the lung cancer treatment drug to the market outside of Asia.

Investor optimism was also fueled by reports that various institutional investors hiked their stake in the company, including Baker BROS Advisors LP, abrdn plc, FMR LLC, and Charles Schwab Investment Management Inc.

A number of research analysts also expressed confidence in the company’s stock performance, with JMP Securities setting a “market outperform” rating and a $32 price target for the company.

Summit Therapeutics also received a “buy” rating from HC Wainwright on Monday. In its research report, the investment banking services firm set a whopping $44 target on Summit Therapeutics' price.

Overall SMMT ranks 10th on our list of the stocks that jumped yesterday. While we acknowledge the potential of SMMT as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than SMMT but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

 

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