7 Best High Short Interest Stocks To Invest In

2. Summit Therapeutics Inc. (NASDAQ:SMMT)

Short % of Float As of September 13: 17.83%

Market Capitalization as of September 30: $15.13 billion

Number of Hedge Fund Holders: 17

Summit Therapeutics Inc. (NASDAQ:SMMT) is a biopharmaceutical oncology company focused on developing novel therapies for rare genetic diseases. Its pipeline includes potential treatments for rare neuromuscular disorders and other genetic conditions. The company’s lead candidate, ivonescimab, has shown promising results in clinical trials for non-small cell lung cancer (NSCLC).

Its partnership with Akeso, a well-established Chinese biotech, significantly reduces development risks. Together they conducted two successful Phase 3 clinical trials, HARMONi-A and HARMONi-2, for ivonescimab in non-small cell lung cancer, yielding positive data. Hence Akeso’s experience and expertise contribute to the advancement of ivonescimab. The company also announced a 5-year strategic collaboration with MD Anderson to accelerate ivonescimab’s development.

Currently, there are 20 ongoing clinical trials evaluating ivonescimab for various cancer types. While the current Phase 3 programs focus on non-small cell lung cancer, 7 trials are exploring its potential in other solid tumors. Early-stage clinical trials have demonstrated the efficacy of ivonescimab in treating NSCLC. The positive data from these trials provide strong evidence for the drug’s potential.

The company’s strong financial position allows it to allocate resources for ongoing development efforts, with a solid cash balance to support its operations. Research and development (R&D) expenses remained stable in the second quarter. However, acquired IP R&D expenses increased due to a licensing agreement amendment. Operating expenses remained consistent.

Overall, Overall, 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. However, investors should carefully evaluate the risks associated with early-stage biotech companies.