Summit Therapeutics initiated with an Underweight at Barclays

Barclays initiated coverage of Summit Therapeutics (SMMT) with an Underweight rating and $13 price target The firm’s cautious stance is underpinned by several factors, including long regulatory path, competitive dynamics in lung cancer where the standard of care is no push-over, and a well-capitalized rival with a major biopharma partner, the analyst tells investors in a research note. Barclays adds that while it does see a high likelihood of approval for ivonescimab, its statistical and scenario analyses predict a modest improvement on standard of care.