Citi analyst Yigal Nochomovitz upgraded Summit Therapeutics (SMMT) to Buy from Neutral with a price target of $35, up from $23. The firm says it has developed “strong conviction” that HARMONi-2 trial has a 70% chance of generating a favorable readout on overall survival at the expected year-end readout. Assuming survival validation, Summit’s ivonescimab would be “close to being cemented as a paradigm-shifting therapy” in non-small cell lung cancer and be “well on its way to opening the flood gates for a new era in immunotherapy,” the analyst tells investors in a research note.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SMMT:
- FedEx downgraded, Adobe upgraded: Wall Street’s top analyst calls
- Summit Therapeutics initiated with an Overweight at Cantor Fitzgerald
- Summit Therapeutics names Robert LaCaze as Chief Commercial Officer
- Sunrun, HubSpot, Rocket, Summit, Cybin: Trending by Analysts
- PepsiCo downgraded, HubSpot upgraded: Wall Street’s top analyst calls