Summit Therapeutics has a single clinical asset, ivonescimab, licensed exclusively from Akeso, with analysts projecting 102% upside and a risk-reward ratio of more than 10 to 1, but the quality score of 1.8, 27% short interest, and 3 consecutive earnings misses before the most recent quarter reflect the binary nature of the investment.
Thesis pillars
- Analyst Consensus 100pct Upside→Stable
- Ivonescimab Single Asset Binary→Stable
- High Short Interest Informed Bears→Stable
- +1 more pillar — see the Why tab for full reasoning
Summit Therapeutics Inc. (SMMT) Stock Analysis
Recovery setup
Healthcare · Biotechnology
Sell if holding. Engine safety override at $15.95: a dimension score below its floor triggers a hard block regardless of the otherwise-positive setup — overall score 5.0/10 and A.R:R 3.7:1 is above the 1.5:1 BUY gate. Specifically: High short interest: 27%; Below-average business quality; Below long-term trend.
Summit Therapeutics is a clinical-stage biopharmaceutical company with a single development candidate, ivonescimab, a PD-1/VEGF-A bispecific antibody licensed from Akeso Inc. in January 2023. Summit has no approved products or revenue; a BLA for ivonescimab in EGFR-mutated NSCLC... Read more
Sell if holding. Engine safety override at $15.95: a dimension score below its floor triggers a hard block regardless of the otherwise-positive setup — overall score 5.0/10 and A.R:R 3.7:1 is above the 1.5:1 BUY gate. Specifically: High short interest: 27%; Below-average business quality; Below long-term trend. Chart setup: Death cross but MACD improving, RSI 74. Score 5.0/10, moderate confidence.
Passes 8/10 gates (positive momentum, favorable risk/reward ratio, clean insider activity, no SEC red flags, news events none recent, earnings proximity 36d clear, semi cycle peak clear, materials cycle peak clear). Suitability: speculative.
About Summit Therapeutics Inc.
About Summit Therapeutics Inc.
Summit Therapeutics' entire pipeline rests on a single asset — ivonescimab, a PD-1/VEGF-A bispecific antibody licensed from Akeso Inc. in January 2023 for $474.9 million upfront in cash and stock. The company has no approved products and no revenue. The HARMONi Phase III trial demonstrated a PFS hazard ratio of 0.52 (p<0.00001) in EGFR-mutated NSCLC; a BLA was submitted in Q4 2025, accepted by FDA in January 2026, with PDUFA date of November 14, 2026.
Summit earns no product revenue and funds operations through capital markets. The license from Akeso covers commercialization rights in the United States, Canada, Europe, Japan, Latin America, Middle East, and Africa, while Akeso retains rights for China — where ivonescimab was approved by the NMPA in May 2024 for EGFR-mutated NSCLC in combination with chemotherapy and again in April 2025 as monotherapy for PD-L1 positive NSCLC. Akeso supplies drug substance and drug product under a supply agreement, and Summit pays a low-double-digit royalty on annual revenues plus milestone payments on regulatory approvals and commercial targets. Summit is running three additional Phase III trials — HARMONi-3 (first-line metastatic NSCLC vs. pembrolizumab), HARMONi-7 (high PD-L1 monotherapy vs. pembrolizumab), and HARMONi-GI3 (colorectal cancer) — with enrollment completions targeted between 2026 and 2027.
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The PDUFA date of November 14, 2026 represents a binary regulatory event: the FDA noted that a statistically significant overall survival benefit is necessary to support marketing authorization in the EGFRm NSCLC 2L+ setting, yet the HARMONi primary analysis did not achieve statistical significance for OS (HR=0.79; p=0.057). Approval would initiate commercialization across the Licensed Territory; a Complete Response Letter would leave Summit with no approved product, no alternative revenue source, and ongoing Phase III spend across four concurrent trials.
See also: Healthcare · Biotechnology
From Summit Therapeutics Inc.'s most recent 10-K filing, extracted June 11, 2026.
Recent developments
updated 2026-07-07Recent Developments — Summit Therapeutics Inc.
Latest news
- NEWS 10 Health Care Stocks With Whale Alerts In Today’s Session — benzinga Jul 1, 2026 neutral
- NEWS Summit Therapeutics Withdraws Previously Announced Proposed $500M Underwritten Public Offering Of Shares Due To Market C — benzinga Jun 11, 2026 negative
- NEWS Oil Jumps On Iran Strikes, Nasdaq 100 Falls On Hot Inflation: Stock Market Today — benzinga Jun 10, 2026 neutral
- NEWS Super Micro Computer, Summit Therapeutics And Other Big Stocks Moving Lower In Wednesday's Pre-Market Session — benzinga Jun 10, 2026 negative
- NEWS 12 Health Care Stocks Moving In Tuesday's After-Market Session — benzinga Jun 9, 2026 neutral
Generated 2026-07-07T11:31:44Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Options Flow
Concentration Risks(10-K Item 1A)
- HIGHpipelineivonescimab10-K Item 1A: 'We depend heavily on the success of ivonescimab. If we are unable to successfully develop and commercialize ivonescimab, or experience significant delays in doing so'
- HIGHcounterpartyAkeso license10-K Item 1A: 'We depend on our relationship with, and the intellectual property licensed from Akeso'
- HIGHSupplierAkeso10-K Item 1A: 'We rely on the use of third parties, including Akeso, to manufacture our product candidate'
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Rating Breakdown
5 floor-breakers·1 ceiling hit
Technicals below the gate floor. Component breakdown shows what dragged the score down.static
Quality below the gate floor. Component breakdown shows what dragged the score down.static
Risk profile below the gate floor. Component breakdown shows what dragged the score down.static
Ranks in the bottom of its industry peers on the composite signal. Better names in the same sector exist.static
No near-term catalyst priced in. Thesis progression will come from fundamentals grinding, not event reaction.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Sell if holding. Engine safety override at $15.95: a dimension score below its floor triggers a hard block regardless of the otherwise-positive setup — overall score 5.0/10 and A.R:R 3.7:1 is above the 1.5:1 BUY gate. Specifically: High short interest: 27%; Below-average business quality; Below long-term trend. Chart setup: Death cross but MACD improving, RSI 74. Prior stop was $14.81. Score 5.0/10, moderate confidence.
Take-profit target: $24.86 (+56.1% upside). Prior stop was $14.81. Stop-loss: $14.81.
Concentration risk — Pipeline: ivonescimab; Concentration risk — Counterparty: Akeso license; Quality below floor (1.8 < 4.0).
Summit Therapeutics Inc. trades at a P/E of N/A (forward -13.1). TrendMatrix value score: 9.0/10. Verdict: Sell.
24 analysts cover SMMT with a consensus score of 3.8/5. Average price target: $29.
What does Summit Therapeutics Inc. do?Summit Therapeutics is a clinical-stage biopharmaceutical company with a single development candidate, ivonescimab, a...
Summit Therapeutics is a clinical-stage biopharmaceutical company with a single development candidate, ivonescimab, a PD-1/VEGF-A bispecific antibody licensed from Akeso Inc. in January 2023. Summit has no approved products or revenue; a BLA for ivonescimab in EGFR-mutated NSCLC was accepted by the FDA in January 2026 with a PDUFA date of November 14, 2026.