8 Unstoppable Stocks That Could Make You Richer

3. Summit Therapeutics Inc. (NASDAQ:SMMT)

Average Analysts Upside Potential as of October 25: 67.81%

Year-to-date gains: 685.23%

Number of Hedge Fund Holders: 17

Summit Therapeutics Inc. (NASDAQ:SMMT) is a biopharmaceutical company that discovers, develops, and commercializes societal-friendly medicinal therapies. The company’s lead development candidate is Ivonescimab, a bispecific antibody for cancer treatment. It is touted as an unstoppable stock that could make you richer on the prospect of Ivonescimab becoming the world’s top-selling cancer treatment.

Ivonescimab is an intriguing new double-sided protein that prevents vascular endothelial growth factor (VEGF) from expanding a tumour’s blood supply while also inhibiting the PD-1 checkpoint. Because investors believe it has the potential to become the new standard of care for patients with first-line lung cancer, the company’s stock price has skyrocketed. Merck’s cancer treatment Keytruda generated $25 billion in sales last year, underscoring the tremendous opportunity for Summit Therapeutics with Ivonescimab.

Summit Therapeutics Inc. (NASDAQ:SMMT) is in a tight alliance with Akeso, a biotechnology company in China that conducted the initial clinical trials for Ivonescimab and is responsible for its research and development (R&D) efforts in its creation. Furthermore, it is conducting numerous clinical trials at every phase, evaluating Ivonescimab for various subtypes of non-small cell lung cancer (NSCLC) and other uses such as metastatic colorectal cancer and recurrent ovarian cancer.

Summit Therapeutics Inc. (NASDAQ:SMMT) is full of opportunities as Ivonescimab is a promising medication on which it can expand. One exceptionally successful medication can sometimes be all that is needed to finance a company’s long-term expansion and open the door to a future valuation of enormous proportions.

While Summit Therapeutics Inc. (NASDAQ:SMMT) is already up by over 600% for the year, analysts insist it is a strong buy with an average price target of $34.67, implying 67.81% upside potential as of October 25, 2024.

Insider Monkey dug through 912 hedge fund holdings for the second quarter of 2024 and discovered that 17 had held a stake in Summit Therapeutics Inc. (NASDAQ:SMMT).