Stock Track | Summit Therapeutics Soars 5.14% as Goldman Initiates Coverage with Buy Rating on Promising Drug

Stock Track

02-28

Summit Therapeutics PLC (SMMT) witnessed a surge of 5.14% during the intraday trading session on Friday, reflecting the positive sentiment following Goldman Sachs' initiation of coverage on the stock.

Goldman Sachs analyst Salveen Richter initiated coverage on Summit Therapeutics with a Buy rating and a price target of $42. The analyst is optimistic about the potential of Summit's lead drug candidate, ivonescimab, which is currently undergoing clinical trials for the treatment of Duchenne muscular dystrophy (DMD).

Analysts believe that if the trials for ivonescimab prove successful, it could potentially become a game-changer in the treatment of DMD, a rare genetic disorder characterized by progressive muscle degeneration. The positive coverage from a prominent investment bank like Goldman Sachs has boosted investor confidence in Summit Therapeutics, driving the stock price higher.

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The analyst is optimistic about the potential of Summit's lead drug candidate, ivonescimab, which is currently undergoing clinical trials for the treatment of Duchenne muscular dystrophy (DMD).</p>\n<p>Analysts believe that if the trials for ivonescimab prove successful, it could potentially become a game-changer in the treatment of DMD, a rare genetic disorder characterized by progressive muscle degeneration. 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