Why Summit Therapeutics Inc. (SMMT) Skyrocketed On Monday?

We recently published a list of Biotech Stocks Dominate Monday’s Top 10 Gainers. In this article, we are going to take a look at where Summit Therapeutics Inc. (NASDAQ:SMMT) stands against other biotech stocks that dominate Monday’s top gainers.

The stock market kicked off the shortened trading week on a positive note, with Wall Street’s major indices finishing in the green following President Donald Trump’s temporary tax reprieve on technology companies.

The S&P 500 recorded the highest gain, up 0.79 percent, while the Dow Jones came second at 0.78 percent. The tech-heavy Nasdaq was also up by 0.64 percent.

Benchmark indices aside, 10 companies dominated by biotechnology firms mirrored the broader market optimism, recording modest gains during the session.

In this article, let us explore Monday’s top 10 gainers and the reasons behind their gains.

To come up with the list, we only considered the stocks with $2 billion market capitalization and $5 million trading volume.

A laboratory employee in a sterile environment inspecting a microscope focused on a Clostridioides difficile infection sample.

Summit Therapeutics Inc. (NASDAQ:SMMT)

Summit Therapeutics extended its winning streak for the fourth consecutive day on Monday, adding 12.44 percent to end at $26.13 each as the company continued to ride the wave in medical stocks on optimism of lesser risks from the ongoing global trade tensions.

In recent news, Cantor Fitzgerald maintained its Overweight rating on SMMT following a move by the company’s co-CEO and chairman Bob Duggan to exercise warrants to acquire 4 million SMMT shares.

The transaction was executed nearly four years before the warrants expired at a strike price of $1.58 apiece.

Meanwhile, Truist Securities also gave the company a Buy rating and a price target of $35, representing a 50.6-percent upside from SMMT’s latest closing price.

SMMT is a biopharmaceutical oncology company focused on the discovery, development, and commercialization of medicinal therapies.

Overall, SMMT ranks 3rd on our list of biotech stocks that dominate Monday’s top gainers. While we acknowledge the potential of SMMT as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than SMMT but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. This article is originally published at Insider Monkey.