Citi analyst Yigal Nochomovitz maintained a Buy rating on Summit Therapeutics today and set a price target of $35.00.
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Yigal Nochomovitz has given his Buy rating due to a combination of factors that suggest a positive outlook for Summit Therapeutics. The company has multiple financing options available, such as equity, partnerships, and insider funding, which mitigate concerns about its financial stability. Additionally, there is an ongoing plan to reassess the overall survival rate in the mid-fourth quarter of 2025, which could lead to further engagement with the FDA if the results are statistically significant.
Moreover, there is anticipation for the HARMONi-6 study to be highlighted as a late-breaking presentation at the European Society for Medical Oncology (ESMO). While management has not provided detailed information on potential deals, including one with AstraZeneca, they have indicated that various bespoke deals are possible to enhance the development of ivonescimab. The company also plans to provide updates on enrollment and data timing for other studies by the end of 2025, which could offer more clarity and visibility to investors.
In another report released today, H.C. Wainwright also reiterated a Buy rating on the stock with a $44.00 price target.