SunTrust Robinson Humphrey Downgrades Summit Therapeutics plc (SMMT) to Hold

SunTrust Robinson Humphrey downgraded Summit Therapeutics plc (NASDAQ: SMMT) from Buy to Hold with a price target of $4.00 (from $22.00) after the company announced that the Phase II PhaseOut DMD study did not meet the pre-specified primary endpoint.

Ridinilazole, now the company's lead product candidate, is expected to enter Phase III trials in 1Q19, analyst Edward Nash notes.

"Since our valuation was based mainly on the ezutromid program for DMD, we are downgrading shares to Hold from Buy and reducing our PT to $4 from $22," Nash commented.

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

Shares of Summit Therapeutics plc closed at $12.65 yesterday.

You May Also Be Interested In

• Jefferies Downgrades Alfen (ALFEN:NA) (ALFNF) to Hold
• Freedom Broker Upgrades John B. Sanfilippo & Son, Inc. (JBSS) to Buy
• Rubrik Inc (RBRK) PT Raised to $120 at Oppenheimer; Sees Another 'Beat and Raise'