12 Best Multibagger Stocks to Buy Right Now

6) Summit Therapeutics Inc. (NASDAQ:SMMT)

Number of Hedge Fund Holders: 21

One-year Return: ~577%

Average Upside Potential: ~76%

Market Cap as of 30^th December: $13.2 billion

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.

Summit Therapeutics Inc. (NASDAQ:SMMT)’s stock has increased ~577% over the past year, courtesy of the promising pipeline candidate, Ivonescimab, a potential cancer treatment. Ivonescimab is a novel, potential first-in-class investigational bispecific antibody that combines the effects of immunotherapy via a blockade of PD-1 with the anti-angiogenesis effects associated with blocking VEGF into a single molecule.

Summit Therapeutics Inc. (NASDAQ:SMMT) continues to run a pair of phase 3 clinical trials in the US to support Ivonescimab’s approval in the country. The company is targeting non-small cell lung cancer (NSCLC). Ivonescimab received a fast-track designation from the US FDA for the treatment of metastatic non-squamous NSCLC. The fast-track program focuses on speeding up the development of promising medicines that fill a high unmet need. The company is expected to release top-line data from its phase 3 study in metastatic NSCLC next year.

Ivonescimab exhibited promising results in clinical trials, mainly in treating NSCLC. Notably, the Phase III HARMONi-2 trial showed a 49% reduction in disease progression risk compared to existing treatments. Such positive outcomes tend to increase the likelihood of regulatory approvals, potentially leading to market entry and subsequent revenue generation.

Furthermore, Summit Therapeutics Inc. (NASDAQ:SMMT) strategically expanded its licensing agreements to include regions like Latin America, the Middle East, and Africa. This expansion further broadens the potential market for Ivonescimab, allowing access to a larger patient population and increasing revenue opportunities.