10 Firms Defy Market Slump, Record Double-Digit Gains Last Week

3. Summit Therapeutics Inc. (NASDAQ:SMMT)

Summit Therapeutics Inc. surged by 33.87 percent last week to end Friday’s trading at $23.24 each from the $17.36 the Friday prior as investors cheered two investment firms’ positive ratings for the company.

On Thursday, Cantor Fitzgerald maintained its Overweight rating on SMMT following a move by the company’s co-CEO and chairman Bob Duggan to exercise warrants to acquire 4 million SMMT shares.

The transaction was executed nearly four years before the warrants expired at a strike price of $1.58 apiece.

Meanwhile, Truist Securities also gave the company a Buy rating and a price target of $35, representing a 50.6-percent upside from SMMT’s latest closing price.

SMMT is a biopharmaceutical oncology company focused on the discovery, development, and commercialization of medicinal therapies.