Piper Sandler lowered the firm’s price target on Summit Therapeutics (SMMT) to $16 from $17 and keeps a Neutral rating on the shares. The firm notes the company reported Q1 earnings that most notably announced the planned Q2 interim PFS analysis was performed and reviewed by the IDMC who recommended that the study continue as planned. Summit shares are “understandably weak” after-hours, Piper says, as investors question whether the impressive effect size seen in Akeso’s HARMONi-6 can be replicated in Summit’s global HARMONi-3 following this news, despite minimal alpha spent on this interim.
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