Why Summit Therapeutics Inc. (SMMT) Surged On Friday?

We recently published a list of Gold, Biopharma Firms Dominate Friday’s 10 Top Performing Stocks. In this article, we are going to take a look at where Summit Therapeutics Inc. (NASDAQ:SMMT) stands against other Friday’s top performing stocks.

The stock market finished the trading week on a positive note, wiping out earlier losses on Friday, as investors weighed the escalating trade tensions between the US and China.

Having been battered this week, Wall Street’s major indices all finished in the green, led by the Nasdaq, up 2.06 percent, followed by the S&P 500 with 1.81 percent, and the Dow Jones with 1.56 percent.

Ten companies, predominantly under the mining and biopharmaceutical sectors, mimicked gains on the back of fresh industry catalysts that boosted buying appetite. In this article, let us explore Friday’s top performers and the reasons behind their gains.

To come up with the list, we considered only the stocks with a $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 jumped for a third straight day on Friday, adding 15.33 percent to end at $23.24 apiece as investors cheered two investment firms’ positive ratings for the company.

On Thursday, 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 Friday’s top performing stocks. 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 as promising as 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.