Stock Track | Summit Therapeutics Soars 5.42% Intraday on Citi Buy Rating and ASCO Catalyst Expectations

Stock Track05-04

Summit Therapeutics PLC's stock surged 5.42% during intraday trading on Monday, marking a significant rebound.

The rally is attributed to renewed market confidence following Citi analyst Yigal Nochomovitz maintaining a Buy rating and a $40 price target on the stock, despite recent adverse clinical trial data. Additionally, investor optimism is building ahead of the upcoming ASCO conference, where the company's partner Akeso Biopharma is scheduled to present overall survival data for ivonescimab from the HARMONi-6 trial, seen as a potential near-term positive catalyst.

This upward move represents a recovery from a recent sharp decline triggered by interim trial data and a weak quarterly financial report. The company also noted that final progression-free survival results from the HARMONi-3 trial are expected later this year.

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