Oppenheimer analyst Hartaj Singh maintained a Hold rating on Summit Therapeutics (NASDAQ: SMMT) today. The company’s shares opened today at $2.38, close to its 52-week low of $1.94.
Singh wrote:
“Summit Therapeutics (SMMT) reported 1H18 financials and provided a business update to investors on 9/20. As the first earnings call since the Phase 2 POC failure and discontinuation of ezutromid development in DMD (late June), commentary reflected a heightened focus on the pipeline of new mechanism antibiotics for infectious disease. While the Street remains disappointed by the PhaseOUT outcome, management has wasted little time in diverting resources to its late-stage antibiotic pipeline and novel target discovery engine (Discuva). The challenge ahead is attracting and educating investors about the potential for innovative, novel MOA antibiotics to be rewarded in a historically challenging space with lengthy development timelines. This is no small feat, but we believe SMMT is on the right track; reiterate Perform.”
According to TipRanks.com, Singh is a 4-star analyst with an average return of 10.4% and a 51.3% success rate. Singh covers the Healthcare sector, focusing on stocks such as Strongbridge Biopharma Plc, Syndax Pharmaceuticals Inc, and Catabasis Pharmaceuticals.
Currently, the analyst consensus on Summit Therapeutics is a Moderate Buy with an average price target of $3.33.
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The company has a one-year high of $15.90 and a one-year low of $1.94. Currently, Summit Therapeutics has an average volume of 219.8K.
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Summit Therapeutics Plc is a holding company, which engages in the discovery, development, and commercialization of novel medicines. It focuses on the genetic disease duchenne muscular dystrophy, and the infectious disease clostridium difficile infection.
