Summit Therapeutics initiated with an Outperform at JMP Securities

JMP Securities initiated coverage of Summit Therapeutics (SMMT) with an Outperform rating and $32 price target The firm acknowledges the risk associated with data obtained from Chinese patients only, but believes the results obtained from the Orient are of a much higher standard given the significant increase in deals and growing healthcare market in China. With multiple global Phase 3 studies under way and “solid” head-to-head monotherapy data, Summit has the potential to achieve commercialization in the smaller EGFRm and first-line lung cancer, patient population, achieving $17.9B in global peak revenues, the analyst tells investors in a research note.