10 Best Performing Biotech Stocks in 2024

Page 8 of 8

1. Summit Therapeutics Inc. (NASDAQ:SMMT)

Total YTD Return: 576.89% 

Summit Therapeutics Inc. (NASDAQ:SMMT), founded in 2003 and based in Miami, Florida, focuses on developing innovative oncology therapies to address serious unmet needs and tops the list for being one of the best performing biotech stocks. Its lead candidate, ivonescimab (SMT112), a bispecific antibody targeting PD-1 and VEGF pathways, is in late-stage trials for metastatic non-small-cell lung cancer (NSCLC) and shows promising efficacy compared to treatments like Merck’s Keytruda.

In Q3 2024, Summit Therapeutics Inc. (NASDAQ:SMMT) reported a net loss of $56.3 million, up from $21.2 million in Q3 2023, driven by increased clinical study and personnel expenses. R&D costs rose to $37.7 million, reflecting continued investment in advancing clinical trials. The company ended the quarter with $487 million in cash, supported by a $235 million financing round in September 2024, extending its cash runway to focus on Ivonescimab. Investors remain optimistic due to positive HARMONi-2 trial results demonstrating Ivonescimab’s efficacy over existing treatments.

As of Q3 2024, Insider Monkey’s database showed that 21 hedge funds held positions in the company. Analysts have also given the stock a consensus rating of “Strong Buy.”

Overall, SMMT ranks first among the 10 best performing biotech stocks in 2024. While we acknowledge the potential of biotech companies, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. 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.

READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock

Disclosure: None. Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily e-newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below.

Page 8 of 8