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Summit Therapeutics
(NASDAQ:SMMT)
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Rating:56Neutral
Price Target:
$18.00
▲(26.49% Upside)
Action:Reiterated
Date:09/06/26
Overall score reflects a strong clinical/regulatory narrative and upcoming catalysts (BLA review with Nov 2026 PDUFA; multiple positive Phase III outcomes) weighed against weak core financial performance typical of a pre-revenue biotech (large losses and persistent cash burn). Technicals are supportive but appear overextended (RSI/Stoch elevated), while valuation offers limited support given negative earnings and no dividend yield.
Positive Factors
Strong Phase III efficacy
Repeated positive Phase III outcomes and consistent overall-survival hazard ratios below 0.80 strengthen ivonescimab’s clinical credibility. This broad evidence base can support regulatory filings, physician adoption, partnership interest, and a more durable competitive position in oncology.
Negative Factors
Pre-revenue and large losses
Summit has not yet established recurring product revenue, so its financial profile remains dependent on advancing an uncommercialized clinical asset. Large losses limit earnings visibility and leave future financial performance highly sensitive to trial outcomes and regulatory progress.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Phase III efficacy
Repeated positive Phase III outcomes and consistent overall-survival hazard ratios below 0.80 strengthen ivonescimab’s clinical credibility. This broad evidence base can support regulatory filings, physician adoption, partnership interest, and a more durable competitive position in oncology.
Read all positive factors
Summit Therapeutics (SMMT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$14.04B
Dividend YieldN/A
Average Volume (3M)5.49M
Price to Earnings (P/E)―
Beta (1Y)3.10
Revenue GrowthN/A
EPS Growth-11.10%
CountryUS
Employees265
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-1.12
Shares Outstanding797,749,600
10 Day Avg. Volume6,675,779
30 Day Avg. Volume5,494,054
Financial Highlights & Ratios
PEG Ratio-0.03
Price to Book (P/B)26.74
Price to Sales (P/S)0.00
P/FCF Ratio-54.45
Enterprise Value/Market Cap<0.01
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$28.35Price Target Upside99.26% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering14
EPS Forecast (FY)-1.19
Revenue Forecast (FY)$3.66M
Summit Therapeutics Business Overview & Revenue Model
Company Description
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 develo...
How the Company Makes Money
Summit Therapeutics primarily makes money through collaboration-related income and other partnership payments rather than recurring product sales, because it is a clinical-stage company and does not have broadly disclosed commercial product revenu...
Summit Therapeutics Earnings Call Summary
Earnings Call Date:Jul 23, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call emphasized substantial clinical progress for ivonescimab — multiple positive Phase III PFS readouts, overall survival hazard ratios consistently under 0.80, extensive global clinical activity, commercial exposure in China, and a strong cash balance with no debt. Key near-term catalysts include the FDA PDUFA date (Nov 14, 2026) and upcoming HARMONi-3 interim analyses. Offsetting risks include accelerating operating costs and cash burn, reliance on ATM financings, regulatory uncertainty around statistically significant OS for approval, and the statistical/operational complexity introduced by multiple interim OS looks and regional maturity differences. Overall, the positives around clinical data and pipeline breadth outweigh the financial and regulatory risks presented on the call.Positive Updates
Clinical Efficacy — Multiple Positive Phase III Readouts
Ivonescimab has produced positive, statistically significant progression-free survival results in 4 Phase III studies to date; all 4 Phase III studies reported overall survival (OS) hazard ratios <0.80 (HARMONi updated HR 0.76; HARMONi-2 HR 0.78 at 39% maturity; HARMONi-6 HR 0.68). HARMONi-A (China) demonstrated statistically significant OS benefit.
Negative Updates
Rising Operating Expenses
Total GAAP operating expenses increased to $220.5 million in Q2 2026 from $195.2 million in Q1 2026 (approx. +13.0% QoQ). Non-GAAP operating expenses (excluding stock-based comp) rose to $151.8 million from $122.4 million (approx. +24.0% QoQ), driven primarily by increased R&D and clinical trial costs for HARMONi-GI3, HARMONi-3 and HARMONi-7.
Read all updates
Q2-2026 Updates
Positive
Negative
Clinical Efficacy — Multiple Positive Phase III Readouts
Ivonescimab has produced positive, statistically significant progression-free survival results in 4 Phase III studies to date; all 4 Phase III studies reported overall survival (OS) hazard ratios <0.80 (HARMONi updated HR 0.76; HARMONi-2 HR 0.78 at 39% maturity; HARMONi-6 HR 0.68). HARMONi-A (China) demonstrated statistically significant OS benefit.
Read all positive updates
Company Guidance
Summit guided that its BLA for ivonescimab is under FDA review with a target PDUFA date of November 14, 2026, and outlined key clinical milestones: HARMONi‑3 enrollment is complete for both squamous and non‑squamous cohorts with a squamous PFS analysis and accompanying interim OS look expected in the second half of 2026 (likely mid‑to‑late 2026) and an independent interim OS analysis in the first half of 2027 (non‑squamous PFS expected H1 2027); they also expect initial Arcus combo data by mid‑2027 and GSK combo enrollment to begin later this quarter. Financially, Q2 2026 cash was ~$690.7M (up $92M from $598.7M in Q1 after $231M raised via ATM), no debt, a new prospectus for an ATM up to $380M filed, ~ $140M cash used in operations in Q2, GAAP operating expenses of $220.5M (vs $195.2M in Q1) and non‑GAAP operating expenses of $151.8M (vs $122.4M in Q1). Program metrics highlighted: >4,000 patients dosed in Summit/Akeso trials, >70,000 patients administered in China, 52 trials initiated by Summit/Akeso (171 total listed including ISTs), 15 Phase III trials read out or ongoing, four Summit Phase III trials active (HARMONi, HARMONi‑3, HARMONi‑7, HARMONi‑GI3), >65 ISTs (24 enrolling), updated global HARMONi OS HR 0.76 (Western median follow‑up >23 months; Asian median follow‑up 33 months), HARMONi‑6 OS HR 0.68 (median follow‑up ~21 months), HARMONi‑2 OS HR 0.78 at 39% maturity, and an estimated TAM in excess of $100B (NSCLC IO market >$20B by 2028).Summit Therapeutics Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
63
Positive
Cash Flow
30
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 583.19K | 1.34M |
| Gross Profit | 0.00 | 0.00 | 0.00 | 0.00 | 583.19K | 1.34M |
| EBITDA | -855.91M | -1.08B | -168.46M | -69.45M | -51.58M | -64.31M |
| Net Income | -856.09M | -1.08B | -176.77M | -482.37M | -65.17M | -65.52M |
Balance Sheet | ||||||
| Total Assets | 752.18M | 557.50M | 348.05M | 160.60M | 541.43M | 84.04M |
| Cash, Cash Equivalents and Short-Term Investments | 690.68M | 529.49M | 329.50M | 147.38M | 284.18M | 53.22M |
| Total Debt | 20.38M | 15.50M | 5.77M | 83.96M | 422.89M | 2.06M |
| Total Liabilities | 122.20M | 68.52M | 37.41M | 99.12M | 438.18M | 22.30M |
| Stockholders Equity | 629.98M | 488.98M | 310.64M | 61.48M | 103.25M | 61.74M |
Cash Flow | ||||||
| Free Cash Flow | -406.69M | -240.15M | -113.67M | -60.85M | -34.41M | -54.03M |
| Operating Cash Flow | -405.37M | -239.67M | -113.56M | -60.74M | -33.90M | -53.81M |
| Investing Cash Flow | -137.46M | -129.37M | -164.09M | -465.14M | -508.68K | -226.83K |
| Financing Cash Flow | 910.41M | 458.31M | 304.63M | 68.46M | 505.62M | 57.76M |
Summit Therapeutics Technical Analysis
Positive
14.23
Price Trends
14.22
Positive
15.92
Positive
16.41
Positive
Market Momentum
0.51
Negative
71.03
Negative
92.57
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SMMT, the sentiment is Positive. The current price of 14.23 is above the 20-day moving average (MA) of 14.11, above the 50-day MA of 14.22, and below the 200-day MA of 16.41, indicating a bullish trend. The MACD of 0.51 indicates Negative momentum. The RSI at 71.03 is Negative, neither overbought nor oversold. The STOCH value of 92.57 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SMMT.
Summit Therapeutics Risk Analysis
Summit Therapeutics disclosed 71 risk factors in its most recent earnings report. Summit Therapeutics reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Summit Therapeutics Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
56 Neutral | $14.04B | -15.72 | -204.33% | ― | ― | -11.10% | |
54 Neutral | $3.78B | -7.55 | -87.98% | ― | -55.34% | -23.18% | |
53 Neutral | $6.62B | -27.66 | -25.20% | ― | 1030.31% | -60.33% | |
52 Neutral | $3.01B | -15.19 | -27.40% | ― | 5.13% | 17.00% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | $8.56B | -8.30 | 134.99% | ― | 192.92% | -110.70% | |
48 Neutral | $1.86B | -200.39 | -2.35% | ― | 20.19% | ― |
* Healthcare Sector Average
SMMT
Summit Therapeutics
17.61
-1.84
-9.46%
IBRX
ImmunityBio
8.08
5.67
235.27%
ZLAB
Zai Lab
26.23
-5.10
-16.28%
RCUS
Arcus Biosciences
29.66
18.22
159.27%
IMCR
Immunocore Holdings
36.13
-0.51
-1.39%
CGON
CG Oncology, Inc.
74.67
40.98
121.64%
Summit Therapeutics Corporate Events
Business Operations and StrategyProduct-Related Announcements
Summit Therapeutics strengthened by positive ivonescimab survival results
Positive
Sep 3, 2026
Summit Therapeutics highlighted on September 2, 2026 that partner Akeso’s Phase III HARMONi-2 trial in China showed ivonescimab monotherapy delivered a statistically significant overall survival benefit versus pembrolizumab in PD-L1-positive...
Business Operations and StrategyProduct-Related Announcements
Summit Therapeutics’ Ivonescimab Shows Phase III Survival Benefit
Positive
Aug 26, 2026
On August 25, 2026, Summit Therapeutics highlighted positive topline results reported by its partner Akeso from the randomized Phase III HARMONi-GI1 trial in China, testing ivonescimab plus chemotherapy versus durvalumab plus chemotherapy as first...
Business Operations and StrategyProduct-Related Announcements
Summit Therapeutics advances ivonescimab in bladder cancer
Positive
Aug 5, 2026
On August 5, 2026, Summit Therapeutics announced it is expanding its global registration-enabling development program for ivonescimab into urothelial carcinoma with the Phase II/III HARMONi-GU1 trial in first-line bladder cancer. The randomized st...
Private Placements and FinancingRegulatory Filings and Compliance
Summit Therapeutics Establishes $380 Million ATM Equity Program
Neutral
Jul 23, 2026
On July 23, 2026, Summit Therapeutics entered into a distribution agreement with J.P. Morgan Securities LLC to allow periodic sales of up to $380 million of its common stock through at‑the‑market and other permitted transactions. The c...
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
Summit Therapeutics Reports Ivonescimab Progress and Strong Cash
Positive
Jul 23, 2026
On July 23, 2026, Summit reported second-quarter and first-half 2026 results, highlighting clinical advances for ivonescimab and ending the quarter with $690.7 million in cash and investments. Management underscored that more than 4,000 patients h...
Business Operations and StrategyProduct-Related AnnouncementsRegulatory Filings and Compliance
Summit Therapeutics Reports Positive Phase III Lung Cancer Data
Positive
Jul 22, 2026
On July 22, 2026, Summit Therapeutics reported updated overall survival data from its global Phase III HARMONi trial of ivonescimab plus platinum-doublet chemotherapy in EGFR-mutated, locally advanced or metastatic non-squamous non-small cell lung...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Summit Therapeutics stockholders approve directors and incentive plan
Positive
Jun 12, 2026
Summit Therapeutics Inc. held its 2026 Annual Meeting of Stockholders on June 10, 2026, where shareholders elected nine directors to serve until the 2027 annual meeting and ratified the appointment of PricewaterhouseCoopers LLP as the company̵...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.