Is Summit Therapeutics Inc. (SMMT) One of the Most Oversold NASDAQ Stocks to Invest In?

Core Viewpoint - Summit Therapeutics Inc. (NASDAQ:SMMT) is identified as an oversold stock with a Buy rating reaffirmed by H.C. Wainwright, highlighting the FDA's acceptance of the Biologics License Application for ivonescimab as a significant positive development [1][3]. Group 1: FDA Approval and Timeline - The FDA accepted the Biologics License Application for ivonescimab, which is intended for use in patients with EGFR-mutated non-small cell lung cancer [3]. - The Prescription Drug User Fee Act goal action date set by the FDA is November 14, 2026, indicating a clear timeline for potential approval [3]. Group 2: Valuation and Price Target - H.C. Wainwright's valuation model estimates an enterprise value of approximately $34 billion, supporting a 12-month price target of $40 per share [2]. - The valuation is based on an 8% discount rate and a 4% terminal growth rate, reflecting confidence in the ivonescimab data and the established nature of PD-1 as a target [2]. Group 3: Company Overview - Summit Therapeutics is a biopharmaceutical company focused on developing innovative treatments for infectious and cancerous diseases [4].