Summit Therapeutics downgraded at Citi on valuation [Seeking Alpha]
Merck & Company, Inc. (new) (MRK)
Last merck & company, inc. (new) earnings: 4/28 06:45 am
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Source: Seeking Alpha
recent surge in reaction to game-changing trial data for its lead asset ivonescimab developed with its Chinese partner Akeso ( OTCPK:AKESF The firm argued that the Miami, Florida-based biotech has added ~670% since May, when a trial readout demonstrated that ivonescimab was the first to outperform Merck's ( MRK ) blockbuster anti-PD-1 therapy Keytruda in a late-stage trial for non-small cell lung cancer. “We have scrutinized our model to uncover additional sources of upside that would preserve our Buy, but the math no longer foots with realistic assumptions,” Citi wrote. However, citing additional data the company presented for the bispecific antibody at a recent medical event in Europe, the firm extended the model to raise Summit's ( SMMT ) price to $23 from $19 per share. Despite the downgrade, Citi said it wants investors to focus on SMMT's bull case as the stock can bounce sharply in reaction to positive survival data for ivonescimab from ongoing studies or promising rando
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MRK
Earnings
- 7/30/24 - Beat
MRK
Sec Filings
- 8/6/24 - Form 4
- 8/5/24 - Form 10-Q
- 7/30/24 - Form 8-K
- MRK's page on the SEC website