Summit Therapeutics Inc.
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Range $20 – $41
Price Chart
About the company
Summit Therapeutics Inc. is a biopharmaceutical firm dedicated to discovering, developing, and commercializing therapeutic solutions, primarily targeting infectious diseases across the United States and Latin America. The company's clinical development pipeline is heavily concentrated on therapies for Clostridioides difficile infection (CDI).
- CEO
- Robert W. Duggan
- IPO
- 2015
- Employees
- 265
- HQ
- Miami, FL, US
AI snapshot
Six angles, distilled from the data.
The stock is in a recovery regime after a deep drawdown, still far below its 52-week high of 29.23 but holding above the 200-day average near 16.14. That keeps the longer-term trend constructive, though the move remains a rebound inside a volatile biotech range rather than a confirmed breakout.
Street sentiment is constructive but not euphoric: 15 Buy, 8 Hold, and 0 Sell ratings, with a consensus Buy and an average target of 32.14. Recent changes have mostly been reiterations, while targets have clustered between 20 and 41, showing support for the story but wide disagreement on upside.
The earnings profile is still choppy, with 2 beats in the last 8 quarters and a recent beat on 2026-11-04 after several misses. Next-year EPS is still expected to remain negative at -0.7882, so shareholders should watch whether execution improves enough to narrow losses rather than expecting near-term profitability.
Insider activity leans positive, driven by heavy discretionary buying from top executives and directors in June, including two 3.81 million-share purchases by the co-CEOs. The smaller awards and grants are noise; the signal is the cluster of open-market buys, which points to management confidence in the setup.
The company is still loss-making, with TTM EPS of -1.06 and a net margin profile that remains negative, while revenue growth is shown at -100% year over year. Liquidity is the offset: cash and equivalents of 529.5 million against total debt of 15.5 million leaves a net cash position of 514.0 million.
SMMT trades like a high-beta development biotech with a negative beta of -1.519, so it can diverge sharply from the broader market. Versus peers, the valuation still looks rich on a price-to-sales basis for a company with negative earnings, but the cash balance and pipeline optionality support the premium.
Similar companies
Peers in the same neighborhood.
- Market Cap
- $13.27B
- P/E
- -15.55
- Fwd P/E
- 119.55
- PEG
- 33.83
- P/S
- 0.00
- P/B
- 23.52
- EV/EBITDA
- -15.79
- Div Yield
- 0.00%
- Gross Margin
- 0.00%
- Op Margin
- 0.00%
- Net Margin
- 0.00%
- ROE
- -138.81%
- ROIC
- -145.82%
Latest fiscal year · YoY change
- Revenue
- $0+0.0%
- Gross Profit
- $0+0.0%
- Op Income
- $-1,094,374,000
- Net Income
- $-1,079,586,000-387.8%
- EPS
- $-1.44-360.1%
- OCF Growth
- -127.2%
- FCF Growth
- -127.5%
- 52W High
- $29.23
- 52W Low
- $12.07
- 50D MA
- $16.41
- 200D MA
- $16.15
- Beta
- -1.24
- RSI (14)
- 53
- Avg Volume
- 6.28M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Summit said updated HARMONi survival data strengthened its case for ivonescimab ahead of the November 14 FDA decision, while the company continued to expand its global pipeline and prepare for launch.· July 23, 2026
- Updated HARMONi OS analysis showed a hazard ratio of 0.76 in both the total population and the Western subgroup, with management saying longer follow-up brought Western results in line with Asia.
- The FDA review of the BLA is ongoing, with a PDUFA date of November 14; management said it does not expect the date to move, but that is up to the agency.
- HARMONi-3 completed enrollment in both squamous and non-squamous cohorts; management expects the squamous PFS readout in the second half of 2026 and another OS look in the first half of 2027.
- Cash ended Q2 2026 at approximately $690.7 million, helped by $231 million raised through the ATM, while operating cash use was about $140 million in the quarter.
- Summit highlighted new and expanding collaborations with Revolution Medicines, GSK, and Arcus, and said ivonescimab has over 65 investigator-sponsored trials in various stages.
Summit ended Q2 2026 with approximately $690.7 million in cash, up from $598.7 million at the end of Q1 2026. The quarter’s increase in cash was driven mainly by $231 million raised from the ATM facility, offset by about $140 million of operating cash use. Total GAAP operating expenses were $220.5 million in Q2 2026 versus $195.2 million in Q1 2026; non-GAAP operating expenses were $151.8 million versus $122.4 million. Management did not give revenue or EPS figures on the call. For guidance, Summit said the HARMONi BLA remains under FDA review with a target PDUFA date of November 14, expects HARMONi-3 squamous PFS data in the second half of 2026, and expects the next independent OS look in the first half of 2027. It also said the GSK collaboration should enroll its first patient later this quarter and the Arcus combo should generate initial data by mid next year.
Bob Duggan framed ivonescimab as Summit’s core platform asset and emphasized that the drug now has four Phase III readouts, all positive, plus two approvals in China and a pending U.S. BLA. His tone was highly optimistic and strategic, stressing broad interest from big pharma, a growing clinical footprint, and the potential to use ivonescimab across multiple solid tumors and combinations. He repeatedly described the opportunity as platform-like and said the company is preparing for commercialization ahead of a possible FDA decision later this year.
Manmeet Soni focused on liquidity, expense growth, and launch readiness. He said cash finished the quarter at approximately $690.7 million, with the increase from Q1 primarily reflecting $231 million raised via ATM and roughly $140 million used in operations; he also noted the company filed a new ATM prospectus supplement for up to $380 million and has no debt. GAAP operating expenses rose to $220.5 million from $195.2 million, and non-GAAP operating expenses increased to $151.8 million from $122.4 million, mostly because of higher R&D tied to HARMONi-GI3, HARMONi-3, and HARMONi-7. He also said commercial leadership is in place, market access and marketing teams are built, and MSLs have been ramped up for a potential launch.
Analysts pressed management on whether the updated HARMONi OS data should translate to frontline settings like HARMONi-3, and management said the key variable is follow-up time, not region alone. They also asked whether the delayed HARMONi-3 readout implies weaker performance; management said the study was fully global from the start, enrollment timing differed by region, and the earlier interim had limited follow-up and a higher significance bar. Several questions focused on OS timing, alpha spend, and whether the new HARMONi analysis could affect the November 14 PDUFA date; management said the PDUFA timing is up to the FDA, the interim OS looks are formal analyses, and the alpha spend for the early supportive look is minimal. There was also a competitive question about amivantamab and TROP-2 ADCs, and management argued ivonescimab’s differentiator is its mechanism plus a manageable safety profile and the possibility that different patients respond to different drugs.
The company’s bullish case is that ivonescimab keeps showing consistent survival trends as follow-up matures, including a 0.76 OS hazard ratio in the updated HARMONi cut and management’s view that Western and Asian results are converging. Summit also has multiple shots on goal, with HARMONi-3, HARMONi-7, HARMONi-GI3, and new collaborations that could broaden the asset’s use beyond lung cancer. Management sounded confident about a potential U.S. launch later this year and said physician/KOL enthusiasm remains strong.
The main risk is that the U.S. BLA is still under FDA review, the agency has said statistically significant OS is needed in this setting, and management would not rule out regulatory timing changes or an ODAC. The company is also spending heavily, with Q2 operating expenses rising and cash burn of about $140 million from operations in the quarter, so execution will matter if launch timing slips. On the clinical side, HARMONi-3 timing has moved out to later 2026 and 2027, and management acknowledged that event rates have slowed, leaving investors waiting for more mature survival data.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 13.8%
- Shares Outstanding
- 797.75M
- Float Shares
- 110.35M
of shares held by institutions
269 13F filers
Buy/sell ratio 0.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Baker Bros. Advisors LP | 32.79M | ▼ 3.60M |
| Vanguard Group Inc | 11.18M | ▼ 202.51K |
| Fmr LLC | 10.04M | ▼ 809.25K |
| State Street Corp | 9.54M | ▲ 2.51M |
| Blackrock, Inc. | 9.53M | ▼ 124.72K |
| Vanguard Capital Management LLC | 5.73M | ▲ 22.68K |
| Ubs Group AG | 5.23M | ▲ 1.55M |
| Vanguard Portfolio Management LLC | 5.04M | ▼ 191.06K |
| Goldman Sachs Group Inc | 4.51M | ▲ 4.20M |
| Price T Rowe Associates Inc | 3.89M | ▼ 4.38M |
| Point72 Asset Management, L.P. | 3.70M | ▲ 2.91M |
| Geode Capital Management, LLC | 3.43M | ▲ 111.41K |
Held by 340 ETFs
Biggest fund positions in SMMT by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Oct 8, 26 | Anand Bhaskar | other | 100,000 |
| Jun 12, 26 | Zanganeh Mahkam | buy | 3,810,000 |
| Jun 12, 26 | DUGGAN ROBERT W | buy | 3,810,000 |
| Jun 4, 26 | DUGGAN ROBERT W | buy | 100,000 |
| Jun 4, 26 | Zanganeh Mahkam | buy | 100,000 |
| Jun 4, 26 | Soni Manmeet Singh | buy | 25,000 |
| Jun 4, 26 | Soni Manmeet Singh | buy | 25,000 |
| Jan 8, 26 | Anand Bhaskar | other | 30,000 |
| Jan 2, 26 | Zanganeh Mahkam | other | 11,232 |
| Jan 2, 26 | DUGGAN ROBERT W | other | 11,232 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our SMMT coverage
Recent articles, reports, and earnings notes.

Summit Therapeutics (SMMT): Ivonescimab Could Drive a Breakout
Summit Therapeutics is a high-risk oncology biotech whose fate hinges on ivonescimab and upcoming FDA/regulatory decisions. Strong Phase III data support the story, but heavy cash burn, no revenue, and dilution risk keep the stock at Hold.

Summit Therapeutics Inc. (SMMT) rises on AstraZeneca deal
Summit Therapeutics Inc. (SMMT) rises after AstraZeneca’s $2 billion strategic investment sparked heavy trading and renewed confidence in the company’s lead cancer drug, ivonescimab. The move highlights investor enthusiasm for the partnership, but the stock still carries biotech execution, clinical, and dilution risk.

Summit Therapeutics Inc. (SMMT) jumps on AstraZeneca $2B deal
Summit Therapeutics Inc. (SMMT) jumps after AstraZeneca announced a $2 billion strategic investment and trial collaboration tied to ivonescimab. The deal boosts funding, validates the pipeline, and lifted shares in extended-hours trading, though clinical, dilution, and valuation risks remain for investors.
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Wall Street Analysts See a 62.33% Upside in Summit Therapeutics (SMMT): Can the Stock Really Move This High?
zacks.com · Nov 10
SMMT's Q3 Earnings Beat Estimates, Ivonescimab Development in Focus
zacks.com · Nov 5
Summit Therapeutics Reports Financial Results and Operational Progress for the Third Quarter and Nine Months Ended September 30, 2026
businesswire.com · Nov 4
Buy the Dip: 4 Stocks the Market Marked Down Too Far Ahead of Big Catalysts
marketbeat.com · Oct 26
Breakfast News: Science Strikes Back at Cancer
fool.com · Oct 26
Ivonescimab Plus Chemotherapy Demonstrates Overall Survival Superiority Compared to Durvalumab Plus Chemotherapy in First-Line Treatment of Patients with Advanced Biliary Tract Cancer in HARMONi-GI1 S
gurufocus.com · Oct 25
Ivonescimab Plus Chemotherapy Demonstrates Overall Survival Superiority Compared to Durvalumab Plus Chemotherapy in First-Line Treatment of Patients with Advanced Biliary Tract Cancer in HARMONi-GI1 Study Conducted by Akeso in China
businesswire.com · Oct 25
Lunit and Summit Therapeutics Announce Agreement to Apply AI-powered SCOPE IO Platform for Tumor Microenvironment Analysis in Immuno-Oncology Development
gurufocus.com · Oct 23
Headlines from third-party outlets — TickerSpark isn't affiliated with these sources.
AI analysis · Last refreshed November 9, 2026 · Live quote · Not investment advice