Jefferies analyst Faisal Khurshid raised the price target on Summit Therapeutics plc (NASDAQ: SMMT) to $30.00 (from $25.00) while maintaining a Buy rating.

The analyst comments "SMMT receiving a large cash infusion and strategic validation from a major oncology player, while giving up no economics on ivonescimab. Additionally, sone-ve (CLDN18.2 ADC) combo study collab in GI cancers + more combos soon. Cash runway and strategic interest are key considerations for investors here, and we think the deal provides both. We spoke to CEO Bob Duggan, who told us it is a simple equity deal and they're "not giving the ranch away to sell a cow"."