Summit Therapeutics rises after Truist starts coverage with 'buy' rating

Summit Therapeutics

08/01/2025 15:40

** Shares of drug developer Summit Therapeutics  SMMT.O 
rise ~4% to $18.88
    ** Brokerage Truist Securities starts coverage on SMMT with
"buy" rating; PT $35
    ** PT represents a 92.7% upside to the stock's last close
    ** Last year, SMMT's ivonescimab showed better survival
rates among lung cancer patients compared with Merck's  MRK.N 
Keytruda, world's biggest selling drug, in a late-stage study in
China
    ** Brokerage estimates the drug could generate $7 bln in
peak sales, primarily from lung cancer
    ** SMMT could also be a potential acquisition target -
Truist Securities
    ** SMMT jumped ~580% in 2024

 (Reporting by Kamal Choudhury in Bengaluru)
 ((Kamal.Choudhury@thomsonreuters.com;))