Why Summit Therapeutics Stock Was a Winner Today
Now this is a fine way to begin a week on the stock market. Summit Therapeutics (NASDAQ: SMMT) saw its stock price rise notably Monday, on the happy news that an analyst has initiated coverage with an unambiguous buy recommendation.
With that at its back, the commercial-stage biotech's share price zoomed more than 5% higher, comparing most favorably to the bellwether S 500's (SNPINDEX: ^GSPC) 0.3% decrease.
The initiating party was JMP Securities' Reni Benjamin, who that morning launched his Summit coverage with an outperform (i.e., buy) rating and a $32-per-share price target. That level is a muscular 60% above the stock's most recent closing price, indicating Benjamin's very bullish take on the company.
Source Fool.com
