Why Summit Therapeutics Stock Slipped Today
Summit Therapeutics (NASDAQ: SMMT) stock did better than a lot of other equities during an otherwise forgettable trading session on Wednesday. In contrast to other titles that fell notably, Summit more or less kept pace with the S 500 (SNPINDEX: ^GSPC), managing to dip by a relatively modest 2.25% in price. Some investors, at least, were cheered by an analyst's recommendation upgrade on the stock.
Well before market open, Citigroup pundit Yigal Nochomovitz changed his recommendation on Summit's shares to buy from neutral. Accompanying this was a generous price target increase; the analyst's fair value assessment is now $35 per share, where formerly it stood at $23.
According to reports, Nochomovitz wrote that his move was based on a concentrated analysis of the prospects for ivonescimab. This is a rather promising cancer drug Summit has licensed from Chinese peer Akeso. The pundit feels that the coming readout of the medication's Harmoni-2 late-stage clinical trial has a 70% chance of indicating a favorable result with overall survival rates.
Source Fool.com
