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Investing.com - Cantor Fitzgerald has reiterated an Overweight rating on Summit Therapeutics plc (NASDAQ:SMMT), maintaining its positive outlook on the biopharmaceutical company. The stock, currently trading at $28.67, has delivered impressive returns with a 148% gain over the past year and 60% year-to-date, according to InvestingPro data.
The firm noted a shift in Summit management’s stance regarding potential partnerships, observing increased receptivity to a 50/50 partnership structure compared to earlier skepticism about such arrangements adding shareholder value.
Cantor Fitzgerald highlighted that with a competitive "arms race" now underway, Summit management appears more willing to bring on additional resources to accelerate the clinical development of ivonescimab, the company’s key drug candidate.
The investment firm recently conducted an investor survey asking 59 respondents what size upfront and committed payments would be needed in a 50/50 collaboration around ivonescimab to move Summit’s stock higher, with respondents indicating a mean of $9.3 billion and a median of $10 billion.
Cantor Fitzgerald noted these figures align with Summit’s $21 billion valuation being entirely supported by ivonescimab, suggesting investors would expect committed payments approximating half of this value in exchange for half of the drug rights.
In other recent news, Summit Therapeutics has been the focus of several analyst evaluations and strategic developments. The company maintained its Buy rating and a $44.00 price target at H.C. Wainwright following a collaboration agreement with Revolution Medicines. This partnership aims to develop combinations of Revolution’s RAS(ON) inhibitors with Summit’s ivonescimab. Additionally, UBS initiated coverage on Summit Therapeutics with a Buy rating and a $30.00 price target, highlighting the potential of ivonescimab as a new standard in non-small cell lung cancer treatment, with potential peak sales exceeding $7 billion.
Clear Street also initiated a Buy rating for Summit, setting a $30.00 price target, particularly noting the clinical collaboration with Revolution Medicines. In contrast, Leerink Partners began coverage with an Underperform rating and a $12.00 price target, though they acknowledged the strength of ivonescimab and Summit’s strategic licensing moves. H.C. Wainwright reiterated its Buy rating, expressing optimism about the potential of ivonescimab to outperform existing treatments in certain settings. These developments indicate a mixed analyst outlook on Summit Therapeutics, reflecting both optimism and caution regarding its future prospects.
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