Summit Therapeutics (SMMT) PT Raised to $30 at Needham & Company Amid Sarepta Deal
Needham & Company analyst Chad Messer reiterated a Buy rating and raised his price target on Summit Therapeutics plc (NASDAQ: SMMT) to $30.00 (from $22.00) after the company licensed out European rights to Phase II candidate ezutromid to Sarepta.
Messer commented, "We believe this deal provides two key positives to Summit: cash needed to fund Phase II to a critical data readout, and validation from an established DMD company. The deal also allows for the future combination of dystophin and utrophin targeting therapies, which we believe has solid scientific rationale. We reiterate our Buy rating and are increasing our price target to $30 reflecting the financial de-risking and clinical validation from the deal."
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Shares of Summit Therapeutics plc closed at $8.65 yesterday.