Jefferies Cuts Summit Therapeutics (SMMT) Price Target, Keeps Buy Rating

Summit Therapeutics Inc. (NASDAQ:SMMT) is one of the 10 Stocks Under $20 to Buy According to Analysts. On October 20, Jefferies reduced its price target for Summit Therapeutics Inc. (NASDAQ:SMMT) from $44 to $42 and kept a Buy rating.

This decision came after Summit Therapeutics Inc. (NASDAQ:SMMT) experienced some volatility because investors had mixed reactions to recent updates from the company.

Jefferies Cuts Summit Therapeutics (SMMT) Price Target, Keeps Buy Rating

Summit Therapeutics Inc. (NASDAQ:SMMT) amended the protocol for the HARMONi-3 study, which Jefferies sees as positive. The firm believes that the protocol change can minimize risk and improve the chances that the trial could succeed.

Additionally, Jefferies pointed out that Summit Therapeutics Inc. (NASDAQ:SMMT) is on track to submit its Biologics License Application (BLA) in Q4 to get approval for ivonescimab plus chemotherapy.

However, the research firm noted that some investors might have hoped for more business development activities or other news that could have helped the company’s balance sheet for funding planned studies.

Summit Therapeutics Inc. (NASDAQ:SMMT) is a biopharmaceutical company focused on discovering, developing, and commercializing medicinal therapies for serious unmet medical needs, mainly in oncology.

READ NEXT: 10 Best American AI Stocks to Buy According to Analysts and 11 Dirt Cheap Stocks to Buy According to Analysts.

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