In This Article:
We recently published a list of 10 Stocks Drop The Most Amid Investor Caution. In this article, we are going to take a look at where Summit Therapeutics Inc. (NASDAQ:SMMT) stands against other stocks that drop the most amid investor caution.
Wall Street kicked off the first trading day of the week on a sour note, with all the major indices closing mixed as investors chose to stay on the sidelines while waiting for further updates on key economic news, including trade tariffs and government spending, among others.
The Dow Jones was the sole gainer among all major indices, eking out a 0.08-percent gain. In contrast, the S&P 500 and the tech-heavy Nasdaq both fell 0.50 percent and 1.21 percent, respectively.
Meanwhile, we have compiled a list of 10 companies that mirrored the broader market downturn and detailed the reasons behind their drop.
To come up with Monday’s worst performers, we considered only the stocks with $2 billion in market capitalization and $5 million in daily trading volume.
Note that the companies we covered in-depth last Friday have been excluded from the list.
A laboratory employee in a sterile environment inspecting a microscope focused on a Clostridioides difficile infection sample.
Summit Therapeutics Inc. (NASDAQ:SMMT)
Summit Therapeutics nosedived by 14.83 percent on Monday to close at $18.84 apiece as investors sold off following the release of a mixed earnings performance last year.
In a statement, SMMT said its net loss for the last quarter of the year widened by 67 percent to $61.2 million from $36.6 million in the same period a year earlier, as operating loss jumped by 81 percent to $65.6 million from $36.2 million.
However, the full year remained strong, with net losses narrowing by 64 percent to $221.3 million from $614.9 million, as operating loss shrunk by 62.9 percent to $226 million from $610.6 million year-on-year.
In the same news, SMMT announced it would partner with pharmaceutical giant Pfizer Inc. (PFE) for the clinical trial of ivonescimab, a novel, investigational PD-1 / VEGF bispecific antibody, in combination with several of Pfizer’s antibody-drug conjugates (ADCs) across multiple solid tumor settings.
SMMT said the goal was to evaluate ivonescimab, in combination with several unique Pfizer ADCs across multiple solid tumor settings to accelerate the advancement of potentially landscape-changing combinations, which seek to improve the standards of care for patients facing serious unmet needs.
Overall, SMMT ranks 1st on our list of stocks that drop the most amid investor caution. While we acknowledge the potential of SMMT as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. 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 the cheapest AI stock.