We recently published a list of These 10 Firms Soared Last Week, Here’s Why. In this article, we are going to take a look at where Summit Therapeutics Inc. (NASDAQ:SMMT) stands against other firms that soared last week.

The past trading week saw a more calm, generally optimistic, market environment amid the temporary pause in tit-for-tat tariffs, buoyed further by a flurry of corporate earnings for the first quarter of the year.

On a week-on-week basis, the tech-heavy Nasdaq rallied the most, up 3.4 percent, followed by the Dow Jones with 3 percent, and the S&P 500 by 2.9 percent.

Beyond the major indices, 10 firms stood out, booking double-digit gains as high as 48 percent, thanks to better-than-expected earnings and outlook.

In this article, we name this week’s 10 best-performing mid-cap companies and detail 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. The stocks were chosen based on the highest percentage increase in closing prices on May 2 as against their prices a week earlier, or on April 25.Why Summit Therapeutics Inc. (SMMT) Soared Last Week

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

Summit Therapeutics Inc. (NASDAQ:SMMT)

Summit Therapeutics grew its share price by 18.88 percent last week to end Friday at $27.9 versus the $23.47 the week prior, as investor sentiment was boosted by an investment firm’s bullish outlook despite the company’s disappointing earnings performance in the first quarter of the year.

In its market note, Cantor Fitzgerald reaffirmed its Overweight rating on Summit Therapeutics Inc. (NASDAQ:SMMT) stock, thanks to its promising ivonescimab bispecific antibody, which aims to cure cancer.

Just recently, Summit Therapeutics Inc. (NASDAQ:SMMT) secured the green light from China to offer ivonescimab as a first-line treatment for PD-L1-positive NSCLC, paving the way for further expansion globally.

“We … appreciate the regulatory authorities for their efficient and diligent review, which enables us to offer this new treatment to patients in China,” the company said.

In the first quarter, Summit Therapeutics Inc. (NASDAQ:SMMT) widened its net loss by 44.6 percent to $62.9 million from $43.5 million in the same period last year, as operating expenses picked up by 57.5 percent to $66.8 million from $42.4 million year-on-year.

Overall, SMMT ranks 6th on our list of firms that soared last week. 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.

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

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