12 Hot Stocks to Buy According to Analysts

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3. Summit Therapeutics Inc. (NASDAQ:SMMT)

Average Upside Potential: 73.55%

Gain Over Past 6 Months: 99.01%

Summit Therapeutics Inc. (NASDAQ:SMMT) is a biopharmaceutical oncology company that focuses on the development, discovery, and commercialization of medicinal therapies aimed at improving life quality, increasing potential life duration, and serving serious unmet medical needs. Summit Therapeutics was founded in 2003.

The company’s lead pipeline product candidate is ivonescimab, a novel drug that has been designed to improve the balance of anti-tumor activity and safety. More than 2,300 have been treated with the drug across all clinical trials globally. The novel drug is an investigational therapy not approved by any regulatory authority other than China’s National Medical Products Administration and is currently being investigated in global Phase 3 clinical trials.

Truist analyst Asthika Goonewardene assigned Summit Therapeutics Inc. (NASDAQ:SMMT) a buy rating and a $35 price target. The potential of ivonescimab was highlighted, stating that the drug could generate annual sales in the double-digit billions and could make an entry into the United States and Europe as early as 2026. Furthermore, Summit could be an attractive acquisition target for bigger biopharmaceutical companies with ivonescimab having the potential to go beyond just lung cancer and address an even larger market.

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