Summit Therapeutics downgraded to Neutral from Buy at H.C. Wainwright

H.C. Wainwright downgraded Summit Therapeutics (SMMT) to Neutral from Buy without a price target The firm is concerned by the continued absence of a more mature HARMONi-2 OS update. Without an update, Summit shares face an “incremental overhang” as the sac-TMT dataset introduces a favorable early survival trend that “raises the bar,” the analyst tells investors in a research note. H.C. Wainwright is not confident that Summit’s near-term catalysts will “revive” the stock.