A very bullish analyst move was the news generally responsible for Summit Therapeutics' (SMMT -3.62%) healthy mid-week stock price pop. That upward lift was largely holding as of Friday before market open, as according to data compiled by S&P Global Market Intelligence Summit's share price had risen by almost 8% week to date at that point.
The person behind the news was Evercore ISI pundit Cory Kasimov, who on Wednesday launched coverage of Summit stock. He's quite firmly in the company's bull camp, as he initiated with an outperform (read: buy) recommendation at a price target of $30 per share. That suggests hefty potential upside of over 56% on the most recent closing stock price.
It is also quite a bold way to launch coverage of Summit, as the biotech company's stock has already soared well higher over the past year. Investors are most excited about the company's leading pipeline drug, cancer treatment ivonescimab, particularly given that it has performed well in clinical trials against Merck's blockbuster drug Keytruda.
Not surprisingly, Kasimov's bullishness on Summit is founded on ivonescimab, according to reports. He feels the drug might even prove to be more efficacious than many realize, and looks set to be very financially rewarding for its developer.
Cancer is the enduringly popular therapeutic segment for the biotech market, so any developer with a promising oncology drug will attract notice and investment. That said, Summit's looks to be especially promising in light of that recent performance in the lab, and as such it feels like a worthy investment even at its current, lofty price.
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