Analyst Yigal Nochomovitz from Citi maintained a Buy rating on Summit Therapeutics (SMMT – Research Report) and keeping the price target at $35.00.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
Yigal Nochomovitz has given his Buy rating due to a combination of factors, primarily focusing on the potential of Summit Therapeutics’ clinical trials and the broader implications of their data. His analysis suggests that the survival data from Summit’s Asia-based trials are comparable to those from ex-Asia trials, challenging the market’s skepticism about the translatability of these results to the U.S. context.
Moreover, Nochomovitz highlights that while progression-free survival (PFS) data might show a slight skew favoring Asia, the overall survival (OS) data, which is crucial for FDA approval, does not exhibit the same bias. This insight supports the expectation of similar outcomes in future U.S.-based trials, contributing to the positive outlook and the anticipated 64.2% share price return. These factors collectively underpin the Buy rating, reflecting confidence in the company’s strategic direction and market potential.
Based on the recent corporate insider activity of 10 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of SMMT in relation to earlier this year.