Clear Street analyst Bill Maughan last night initiated coverage of Summit Therapeutics (SMMT) with a Buy rating and $33 price target Summit is a biotechnology company developing a single asset, ivonescimab, which is “the most exciting pipeline molecule in oncology today,” the analyst tells investors in a research note. The firm says ivonescimab has already shown in multiple Phase 3 clinical studies that it can outperform standard-of-care immunotherapy, including the “best-selling global medicine” Keytruda in non-small cell lung cancer.
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