5 big analyst AI moves: Apple lifted to Buy, AI chip bets reassessed
Investing.com - Cantor Fitzgerald has reiterated an Overweight rating on Summit Therapeutics plc (NASDAQ:SMMT), following a meeting with the company’s management team. The stock, currently trading at $20.99, has experienced an 8.46% decline over the past week, though analysts maintain optimistic targets with a consensus rating of 1.67 (Strong Buy).
The research firm’s analyst Eric Schmidt maintained the rating after hosting Summit’s full management team for a breakfast discussion that centered on key aspects of the company’s HARMONi-6 data. According to InvestingPro analysis, Summit maintains a Fair financial health rating with strong liquidity, evidenced by a robust current ratio of 5.13.
The meeting focused on Summit’s plans to file the HARMONi dataset with the FDA during the current quarter, according to Cantor Fitzgerald’s research note.
Other topics discussed included changes to the HARMONi-3 clinical trial design and the company’s plans to expand development of ivonescimab into colorectal cancer and other histologies.
The discussion also covered Summit Therapeutics’ potential partnering and financing plans, though specific details about these initiatives were not disclosed in the research note.
In other recent news, Summit Therapeutics Inc. reported a third-quarter non-GAAP net loss of $0.13 per share, which was better than analyst estimates of $0.17 per share. The company experienced a significant increase in operating expenses, reaching $103.4 million on a non-GAAP basis, compared to $39.0 million in the same period last year. This rise in expenses is attributed to the expansion of clinical studies for ivonescimab. As of September 30, Summit Therapeutics held cash and cash equivalents totaling $238.6 million, a decrease from $412.3 million at the end of 2024. These recent developments highlight the company’s financial adjustments and strategic focus on advancing its clinical programs.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.