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.

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