In a report released today, Hartaj Singh from Oppenheimer maintained a Hold rating on Summit Therapeutics (SMMT). The company’s shares opened today at $1.36, close to its 52-week low of $1.10.
Singh observed:
“We recently met with Summit Therapeutics (SMMT), following reported 3Q18 financials and a recent financing of $25 million. With this $25 million added to the balance sheet for a cash runway through January 31, 2020, we believe the Discuva platform will play a bigger role for SMMT over the next 12-18 months. While investors’ focus remains on initiation of the two Phase 3 studies in CDI (a 1Q19 event), we expect focus to subsequently shift to the Discuva platform, which will be responsible for generating clinical catalysts until the 2H21 P3 readouts. We view 2019 as a year of execution and education, as SMMT advances ridinilazole and SMT-571, while highlighting its differentiated approach to antibiotic development; reiterate Perform.”
According to TipRanks.com, Singh is a 2-star analyst with an average return of 0.3% and a 42.5% success rate. Singh covers the Healthcare sector, focusing on stocks such as SELLAS Life Sciences Group Inc, Strongbridge Biopharma Plc, and Syndax Pharmaceuticals Inc.
Summit Therapeutics has an analyst consensus of Hold.
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The company has a one-year high of $14.59 and a one-year low of $1.10. Currently, Summit Therapeutics has an average volume of 32.12K.
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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.
