10 Best Performing NASDAQ Stocks in 2024

1. Summit Therapeutics Inc. (NASDAQ:SMMT)

Year-to-Date Performance as of October 2: 670.11%

Number of Hedge Fund Holders: 17

Summit Therapeutics Inc. (NASDAQ:SMMT) is a biopharmaceutical company that focuses on the discovery, development, and commercialization of patient, physician, caregiver, and societal-friendly medicinal therapies in the US, and the UK.

Over the past few months, the company has made significant progress in raising awareness of ivonescimab and its mission to develop innovative treatments for serious oncology needs. Its partnership with Akeso, a well-established Chinese biotech, has been instrumental in advancing ivonescimab’s development and significantly reducing development risks. Together, they conducted two successful Phase 3 clinical trials, HARMONi-A and HARMONi-2, for ivonescimab in non-small cell lung cancer (NSCLC), yielding positive data that provide strong evidence for the drug’s potential.

It also announced a 5-year strategic collaboration with MD Anderson to accelerate ivonescimab’s development, complementing its ongoing collaboration with Akeso. Currently, there are 20 ongoing clinical trials evaluating ivonescimab for various cancer types. While the current Phase 3 programs focus on NSCLC, seven trials are exploring its potential in other solid tumors. Early-stage clinical trials have demonstrated the efficacy of ivonescimab in treating NSCLC.

Its strong financial position allows it to allocate resources for ongoing development efforts, supported by a solid cash balance. In Q2 2024, R&D expenses remained stable, although acquired IP R&D expenses increased due to a licensing agreement amendment. Overall operating expenses remained consistent.

Summit Therapeutics Inc. (NASDAQ:SMMT) appears to be a promising investment opportunity. The company’s strong pipeline, strategic partnerships, and positive clinical data position it for potential future growth.

While we acknowledge the growth potential of Summit Therapeutics Inc. (NASDAQ:SMMT), our conviction lies in the belief that AI stocks hold great promise for delivering high 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.

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