Oppenheimer Keeps Summit Therapeutics (SMMT) at 'Outperform' Amid New DMD Deal (SRPT)

October 4, 2016 9:31 AM EDT
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Price: $12.57 +14.17%

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Oppenheimer affirms Summit Therapeutics (Nasdaq: SMMT) at Outperform with a price target of $28 following a new deal with Sarepta (Nasdaq: SRPT).

The firm said, Summit and Sarepta announced this morning a license and collaboration agreement granting Sarepta rights to Summit's utrophin modulation program in DMD in the EU, Turkey and Commonwealth of Independent States. We view this as a positive for both Sarepta and Summit, as well as the DMD community. We believe this deal highlights the leadership and differentiation of Summit's utrophin modulation approach for treating DMD. Sarepta underwent an extensive diligence process, relying on internal and external expertise and leveraging its network in the DMD community prior to licensing. Additionally, Summit is gaining a valuable partner in Sarepta, as Sarepta is the leading DMD biotech company with the only approved DMD therapeutic (EXONDYS 51) on the market in the US, and several clinical trials underway.

For an analyst ratings summary and ratings history on Summit Therapeutics plc click here. For more ratings news on Summit Therapeutics plc click here.

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