Why Summit Therapeutics Stock Rocketed 6% Higher on Friday

Summit Therapeutics (NASDAQ: SMMT) stock got a real shot in the arm Friday with the initiation of coverage by a veteran financial services company. On news that Jefferies is now tracking the stock, investors snapped it up to push its price nearly 6% higher across the day's trading session. That performance well outpaced that of the benchmark S&P 500 index; this only bumped 0.3% higher. Jefferies, in the person of analyst Hangfei Fu, launched its Summit coverage with a confident buy recommendation and a price target of $31 per share. That's a robust 67% higher than the stock's most recent closing price. According to reports, Fu's highly bullish take is focused on ivonescimab, a cancer drug from Chinese biotech Akeso that Summit is developing in the hopes of bringing it to market outside of the Asian country to treat lung cancer. Fu pointed out the encouraging results of the drug in recent testing and said it could hit approximately $10 billion in sales if approved. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool