Bernstein analyst Jeffrey Walch initiated coverage of Summit Therapeutics (SMMT) with an Underperform rating and $7.70 price target The firm recommended investors “exit positions or, if possible, initiate short positions,” stating that it believes the long-term outlook for the company is “not on solid footing.” Bernstein expects the key end-points for all three of Summit’s ongoing Phase 3 trials to read-out non-statistically significant, adding that the company has no on-market drugs, revenue or additional late-stage assets.
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