Clear Street Starts Summit Therapeutics plc (SMMT) at Buy

Clear Street initiates coverage on Summit Therapeutics plc (NASDAQ: SMMT) with a Buy rating and a price target of $33.00.

The analyst comments: "Summit Therapeutics is a biotechnology company developing a single asset, ivonescimab, which we see as the most exciting pipeline molecule in oncology today. It has already shown in multiple Phase 3 clinical studies that it can outperform standard-of-care immunotherapy, including the best-selling global medicine (Keytruda) in non-small cell lung cancer (NSCLC), which accounts for ~a third of its sales ($9-10B). The market has taken notice, as share price appreciation over the past year (+463% vs XBI -12%). Still, at $18.6B EV, with a drug with >$10B in annual revenue potential approaching pivotal readouts and regulatory filings, there is room for additional growth as the late-stage NSCLC program produces global pivotal studies (beginning with HARMONi data in mid-25 in 2L+), other tumor types generate their proof-of-concept readouts, and a partnership with Pfizer (NYSE: PFE, not rated) to pair with antibody drug conjugates provides potential to expand the market beyond the indications where Keytruda has achieved success."

For an analyst ratings summary and ratings history on Summit Therapeutics plc click here. For more ratings news on Summit Therapeutics plc click here.

Shares of Summit Therapeutics plc closed at $24.39 yesterday.

You May Also Be Interested In

• Equirus Starts JSW Energy Ltd (JSW:IN) at Long (1)
• Discovery Energy Metals plans private placement of up to $1.25M
• NSA sets July 22 closing for Public Storage acquisition