Built from weaker models, sales multiples or analyst targets, so treat it as a rough guide.
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Valued as a pre-revenue company: Analyst consensus.
ACCE opinionSummit Therapeutics Inc. Common Stock (SMMT)
Fair value
Not available
ACCE price target
$10.00
Rating
Not rated
Horizon
12 months
ACCE price target published on 23 Oct 2026, 01:53 CEST; previously $15.00 since 10 Oct 2026, 00:00 CEST.
Price used: $15.47 at the close on 23 Oct 2026, 22:00 CEST.
Models: Analyst consensus.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
ACCE score
24
out of 100
Analysts
65% buy
17 covering
1-year return
-17.5%
Dividend yield
0.00%
Summit Therapeutics Inc. Common Stock in four questions
Plain answers, details below
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Overview
ACCE thesis
Summit Therapeutics is a clinical-stage biotech with no approved products, so its revenue line reads zero and the -100% growth figure reflects that, not a collapse in sales. Its value rests on ivonescimab, a bispecific antibody targeting PD-1 and VEGF that the company is developing for lung and other solid tumors, with Akeso in China as its licensing partner. The company is currently burning cash ahead of late-stage readouts and has no commercial revenue to offset it, so the investment case is binary on trial outcomes rather than on operating leverage. At a 12.4B market cap, the market is already pricing in a meaningful probability of success, and the 22/100 score and -192.5% ROE show how far the financials sit from anything a traditional screen rewards. The name merits a deeper look only if the portfolio can underwrite clinical and regulatory risk for a single-asset story, with trial timelines and cash runway as the first things to check.
⚠ Investor warnings · 3 flagsAI-assisted·How I use AI
severe
No revenue, no earnings
Revenue fell 100% year on year and operating margin is 0.0%, with free cash flow of $-240,153,327. The company is burning cash with no reported sales to offset it.
high
Heavy short interest
Short interest stands at 26.3% of ownership, a large bet against the shares for a company with no revenue to show for its valuation.
moderate
Insider-held float concentration
Insiders hold 80.9% of shares, leaving institutions with 17.6%. Thin free float can amplify price moves in either direction.
AI research notes
AI-assisted·How I use AIWritten Oct 18, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Eleven of 17 analysts rate the stock Buy or Strong Buy, a 65% share of coverage.
Debt is small against equity, with a debt to equity ratio of just 0.03.
Why it could disappoint
Free cash flow over the last twelve months was negative at -GBP 240M, so the company is burning cash.
Revenue fell 100.0% year over year, and the company reported a 0.0% net margin.
Return on equity of -192.5% and an EPS miss of -7.7% show losses that are widening rather than narrowing.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Oct 26, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
INVESTOR
Where SMMT's valuation models land
Price
$15.47
Model fair valueConfidence: low
about $30.22
Model
Fair value
Upside
Analyst consensus
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Quality
INVESTOR
Quality and conviction INVESTOR FEATURE
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+Conviction breakdown and growth / value / quality / momentum scores