Summit Therapeutics price target raised to $19 from $13 at Citi

Citi raised the firm’s price target on Summit Therapeutics (SMMT) to $19 from $13 and keeps a Buy rating on the shares. The company has “unambiguously delivered” on its claims of “unprecedented” data that “decisively beat” Merck’s (MRK) Keytruda, with a progression free survival hazard ratio of 0.51 for ivonescimab, the analyst tells investors in a research note. The firm exceeded just about all clinical expectations “against the gold-standard immunotherapy” Keytruda, the analyst tells investors in a research note. Citi expects Summit shares to continue to appreciate as the data gain visibility and investors “seek to own a name that has paradigm and practice-changing potential globally for the treatment of lung cancer and possibly other solid tumors.”