Piper Sandler Starts Summit Therapeutics plc (SMMT) at Neutral

Piper Sandler analyst Kelsey Goodwin initiates coverage on Summit Therapeutics plc (NASDAQ: SMMT) with a Neutral rating and a price target of $21.00.

The analyst comments "Investor expectations have risen following compelling clinical data from ivonescimab but appear too high, in our view, driven by the perception that SMMT has “the next Keytruda” and is an M&A candidate due to the well-credentialed management (i.e. the former PCYC team). However, (1) uncertainty around reproducibility of the China datasets, (2) the lack of OS benefit seen to date, (3) potential unfilable nature of HARMONi based on the FDA’s own guidance to SMMT, (4) lack of cash to finance a Keytruda-like development plan without a partner while big pharma players continue partnering on non-SMMT PD(L)1xVEGF assets, and (5) very high M&A expectations keep us on the sidelines as we wait for a better entry point."

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 $26.69 yesterday.

You May Also Be Interested In

• RBC Capital Starts Northview Residential REIT (NRR-U:CN) at Sector Perform
• Axis Capital Limited Upgrades Tata Technologies (TATATECH:IN) to Buy (1)
• Barclays Upgrades Poste Italiane SpA (PST:IM) (PITAF) to Overweight