Summit Therapeutics price target lowered to $31 from $32 at Clear Street

Clear Street lowered the firm’s price target on Summit Therapeutics (SMMT) to $31 from $32 and keeps a Buy rating on the shares. An interim PFS analysis was performed on the squamous cohort of HARMONi-3, Summit’s global Phase 3 trial of ivo+chemo in first-line NSCLC, and the company’s decision not to disclose interim PFS is being interpreted as a negative result, driving the shares down after-hours, the analyst tells investors in a research note. The firm notes however that while the update is negative, it see it as incremental.