Cancer Drug Stocks Lose Over $1 Billion in a Day

Summit Therapeutics Inc. (ticker: SMMT) closed at $16.22 on Nasdaq today, down 7.53%, on trading volume of approximately 13.22 million shares. Its market capitalization plunged to about $12.5 billion (roughly ₩17 trillion), erasing around $900 million (approximately ₩1.2 trillion) in a single day. The stock has experienced heightened volatility recently following a widened Q1 loss and updated lung cancer clinical data; last week, Bernstein and others reaffirmed an underperform rating with a $7.70 price target, reigniting overvaluation concerns. Summit Therapeutics is a biopharmaceutical company developing an oncology pipeline—including the lung cancer–targeted evonesimab (SMT112)—and has become a hallmark high-volatility growth stock, repeatedly surging and plunging after PD-1/VEGF bispecific antibody trial results and significant fundraising news.