SMMT Stock Plunges On Wider Q1 Loss, Lung Cancer Clinical Trial Update

• Summit on Thursday reported a first-quarter 2026 net loss of $189.4 million, more than triple the $62.9 million loss a year earlier.
• Piper Sandler lowered its price target on Summit to $16 from $17 and maintained a ‘Neutral’ rating on the shares.
• The company’s interim update from its HARMONi-3 trial disappointed investors. 
  Final data from the cohort remain on track for the second half of 2026.

Shares of Summit Therapeutics Inc. (SMMT) closed 25% lower on Friday after the company reported a wider loss for the first quarter and an interim analysis update from its HARMONi-3 trial, prompting Piper Sandler to lower its price target on the stock.

Piper Sandler lowered its price target on Summit to $16 from $17 and maintained a ‘Neutral’ rating on the shares.

Summit’s Q1 Earnings

Summit on Thursday reported a first-quarter 2026 net loss of $189.4 million, more than triple the $62.9 million loss a year earlier, as the company ramps up spending on its lead asset ivonescimab in the treatment of non-small cell lung cancer (NSCLC).

The company is studying Ivonescimab combined with chemotherapy in patients with first-line metastatic NSCLC in its HARMONi-3 trial, with two distinct cohorts to be analyzed separately for squamous tumors and non-squamous tumors.

In squamous tumors, an independent Data Monitoring Committee completed a pre-specified interim progression-free survival analysis in Q2 2026 and recommended that the study continue as planned with no safety concerns, the company said. However, it did not hit the high statistical bar for early success/stop. Final data from the cohort remain on track for the second half of 2026.

In the non-squamous tumors cohort, enrollment is expected to be completed by the end of Q2 2026, and data readout is targeted for the first half of 2027.

According to Piper Sandler, investors are now questioning whether the impressive effect size seen in Akeso's HARMONi-6 can be replicated in Summit's global HARMONi-3.

HARMONi-6 is a trial conducted in China and sponsored by Akeso, which evaluates ivonescimab in combination with platinum-based chemotherapy compared with the drug tislelizumab and platinum-based chemotherapy in non-small cell lung cancer.

How Did Retail Traders React?

On Stocktwits, retail sentiment around SMMT stock rose from ‘bearish’ to ‘bullish’ territory over the past 24 hours, while message volume rose from ‘low’ to ‘high’ levels.

A Stocktwits user dismissed the selloff as an overreaction.

Another echoed the sentiment, expressing optimism for the stock to rally back up over $18 in two weeks.

SMMT stock has fallen 35% over the past 12 months.

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