Summit Therapeutics initiated with a Buy at BTIG
BTIG analyst Timothy Chiang initiated Summit Therapeutics with a Buy rating and a price target of $33. Chiang says the company has positioned itself for upside with two pipeline products: ezutromid for the treatment of Duchenne Muscular Dystrophy, in Phase 2 with recently announced positive interim data, and ridinilazole antibiotic for the treatment of Clostridium infections, entering Phase 3 trials. Given that the former recently showed positive proof of concept data, the analyst contends that it provides additional support for the company's utrophin modulator - a potential new treatment for all 50K patients WW who suffer from DMD. Chiang sees the next potential catalyst for the stock as the release of additional results from its phaseout Phase 2 trial in about 40 patients in Q3 of this year.