12 Best Growth Stocks to Invest In According to Analysts

4. Summit Therapeutics Inc. (NASDAQ:SMMT)

Number of Hedge Fund Holders: 25

Upside Potential as of February 19: 51.30%

Summit Therapeutics Inc. (NASDAQ:SMMT) develops innovative therapies that prioritize patient, physician, and caregiver needs. With a focus on oncology and infectious diseases, its lead candidate, Ivonescimab, targets cancer immunotherapy. Its antibiotic portfolio, including SMT-738, addresses multidrug-resistant infections. This shows a commitment to tackling critical medical challenges.

The company is heavily invested in ivonescimab, which is a novel bispecific antibody. It targets both PD-1 and VEGF, showing promise in treating non-small cell lung cancer (NSCLC) and other solid tumors. In the HARMONi-2 trial, ivonescimab demonstrated a 49% reduction in disease progression compared to pembrolizumab. The company is actively pursuing nine Phase 3 trials, six of which focus on NSCLC, with the aim to establish ivonescimab as a leading treatment. Clinical trials are progressing rapidly. Enrollment for the HARMONi trial in EGFR-mutated NSCLC is complete, with top-line data expected mid-2025. The HARMONi-3 trial is being amended to include non-squamous NSCLC, significantly expanding the patient pool.

Summit Therapeutics Inc. (NASDAQ:SMMT) ended Q3 2024 with $487 million in cash, boosted by a $235 million private placement. The company is efficiently managing its cash burn, keeping it below $35 million per quarter. Clinical operations are accelerating, with increased enrollment following positive data releases. It’s focused on completing its Phase 3 trials and expanding ivonescimab’s application to other cancer types.