Guggenheim Initiates Summit Therapeutics (SMMT) With a Buy Rating

Summit Therapeutics Inc. (NASDAQ:SMMT) is one of the Best Stocks to Buy for the Next 3 Months According to Hedge Funds. On September 3, Bradley Canino from Guggenheim initiated coverage on Summit Therapeutics Inc. (NASDAQ:SMMT) with a Buy rating and a $40 price target.

The analyst noted that they liked the stock when it was trading at $3 as the market overlooked an important upcoming progression-free survival readout for its drug Ivonescimab in direct comparison to Merck’s Pembrolizumab in lung cancer. Now that the stock trades at $24, the analyst still likes it and believes that if Summit Therapeutics Inc.’s (NASDAQ:SMMT) two first-line lung cancer trials succeed on PFS overall survival endpoints in 2027 and 2028, the stock has the potential to explode multi-fold.

He sees strong upside potential for the company. Overall, analysts’ 12-month average price target points towards a 34.72% upside from the current levels.

Summit Therapeutics Inc. (NASDAQ:SMMT) is a biopharmaceutical company focused on discovering, developing, and commercializing innovative medicinal therapies to improve the quality and duration of life.

While we acknowledge the potential of SMMT to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than SMMT and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.