Bond.az -- Summit Therapeutics stock fell 5.3% in morning trading after two analyst actions delivered a bearish shock.
Bernstein SocGen initiated with Underperform and a $7.70 target. H.C. Wainwright downgraded from Buy to Neutral, citing Merck's competitive data.
Bernstein expects all three Phase 3 trials to fail. Summit has no approved drugs, revenue, or late-stage assets beyond ivonescimab.
The HARMONi-3 trial missed an interim PFS hurdle. However, Cantor Fitzgerald noted experts were less discouraged.
The stock is well below its 52-week high of $30.98, but above the low of $13.83.
This article was generated with AI support and reviewed by an editor. See T&C.
