Latest news with #DainaGraybosch
Yahoo
14 hours ago
- Business
- Yahoo
Why Summit Therapeutics Stock Tanked Today
An analyst launched coverage of the biotech stock. The company might have wished she hadn't, though. 10 stocks we like better than Summit Therapeutics › An analyst's downbeat new take on Summit Therapeutics (NASDAQ: SMMT) pushed its stock downward on Hump Day. At the end of Wednesday, the shares had booked a loss of over 11% in price as investors absorbed the negative take. That was a far steeper fall than the 0.3% slide of the S&P 500 (SNPINDEX: ^GSPC) that trading session. Well before market open that day, Leerink Partners' Daina Graybosch initiated coverage on Summit stock. This wasn't a positive appraisal, as the analyst flagged it with an underperform (read: sell) recommendation and a price target of $12 per share. That level is nearly 40% below Summit's most recent closing price. According to reports, Graybosch focused on ivonescimab, the high-profile cancer drug that Summit has licensed from China-based peer Akeso for jurisdictions outside the large Asian country. Despite good results in a recent head-to-head clinical study against Merck's Keytruda, the analyst doesn't believe ivonescimab -- if approved in countries covered by Summit's license -- will grab enough market share to justify Summit's rather high valuations as a stock. She also believes that, as it's not the first drug of its kind, ivonescimab will face higher hurdles for clinical success, approval, and sales. Like many biotech stocks, Summit's share price has been quite the seesaw, largely on ivonescimab developments. While I think Graybosch's assessment of its prospects are realistic, many types of cancer present large addressable markets, and I wouldn't necessarily count out Summit on the basis of those valuations. Much will depend, of course, on the drug's clinical trials in this part of the world. Before you buy stock in Summit Therapeutics, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Summit Therapeutics wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $649,102!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $882,344!* Now, it's worth noting Stock Advisor's total average return is 996% — a market-crushing outperformance compared to 174% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of June 9, 2025 Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Merck and Summit Therapeutics. The Motley Fool has a disclosure policy. Why Summit Therapeutics Stock Tanked Today was originally published by The Motley Fool Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Globe and Mail
2 days ago
- Business
- Globe and Mail
Why Summit Therapeutics Stock Tanked Today
An analyst's downbeat new take on Summit Therapeutics (NASDAQ: SMMT) pushed its stock downward on Hump Day. At the end of Wednesday, the shares had booked a loss of over 11% in price as investors absorbed the negative take. That was a far steeper fall than the 0.3% slide of the S&P 500 (SNPINDEX: ^GSPC) that trading session. Bearish on Summit Well before market open that day, Leerink Partners' Daina Graybosch initiated coverage on Summit stock. This wasn't a positive appraisal, as the analyst flagged it with an underperform (read: sell) recommendation and a price target of $12 per share. That level is nearly 40% below Summit's most recent closing price. According to reports, Graybosch focused on ivonescimab, the high-profile cancer drug that Summit has licensed from China-based peer Akeso for jurisdictions outside the large Asian country. Despite good results in a recent head-to-head clinical study against Merck 's Keytruda, the analyst doesn't believe ivonescimab -- if approved in countries covered by Summit's license -- will grab enough market share to justify Summit's rather high valuations as a stock. She also believes that, as it's not the first drug of its kind, ivonescimab will face higher hurdles for clinical success, approval, and sales. It will be all about ivonescimab Like many biotech stocks, Summit's share price has been quite the seesaw, largely on ivonescimab developments. While I think Graybosch's assessment of its prospects are realistic, many types of cancer present large addressable markets, and I wouldn't necessarily count out Summit on the basis of those valuations. Much will depend, of course, on the drug's clinical trials in this part of the world. Should you invest $1,000 in Summit Therapeutics right now? Before you buy stock in Summit Therapeutics, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Summit Therapeutics wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $649,102!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $882,344!* Now, it's worth noting Stock Advisor 's total average return is996% — a market-crushing outperformance compared to174%for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of June 9, 2025
Yahoo
19-05-2025
- Health
- Yahoo
Novavax's COVID vaccine gets FDA approval, but with limits
This story was originally published on BioPharma Dive. To receive daily news and insights, subscribe to our free daily BioPharma Dive newsletter. Novavax has at last gained full Food and Drug Administration approval for its COVID-19 vaccine, but the OK comes with limitations not specified for other COVID shots available in the U.S. Dubbed Nuvaxovid, the vaccine is cleared for use in people 65 years and older as well as for individuals between 12 and 64 years who have an underlying condition that puts them at higher risk of severe disease. The vaccine, which uses an older protein technology than the mRNA shots of Pfizer and Moderna, has been available in the U.S. since 2022 under emergency use authorization. While narrower, the approved indication is no more restrictive than what Leerink Partners analyst Daina Graybosch expects advisers to Centers for Disease Control and Prevention will recommend next month. In an April meeting, a panel of those advisers discussed adjusting their recommendations for COVID vaccination. News of the FDA's approval send Novavax shares higher by double digits Monday. "Market research and U.S. CDC statistics indicate that older individuals and those with underlying conditions are the populations most likely to seek out COVID-19 vaccination seasonally,' Novavax CEO John Jacobs said in a statement. 'This significant milestone demonstrates our commitment to these populations and is a significant step towards availability of our protein-based vaccine option.' An FDA approval deadline for Novavax's shot came and went last month, as reports indicated new leaders at the FDA had intervened in the agency's review of the company's application. The FDA is requiring Novavax conduct a new placebo-controlled 'Phase 4' trial to assess Nuvaxovid's safety and efficacy in people aged 50 to 64 years who are not at high risk. Late-stage testing in 2021 showed the shot to be roughly 90% effective, but Commissioner Martin Makary questioned whether that data remains relevant today, writing on the social media platform X that 'new products require new clinical studies.' The added requirement comes as vaccines more broadly get closer scrutiny under Health and Human Services Secretary Robert F. Kennedy Jr., who has for years objected to U.S. vaccination policies. The agency recently said all new vaccine applications must include data from placebo-controlled trials before approval. Novavax's commitments won't restrict a commercial launch for the upcoming fall and winter seasons, according to Jefferies analyst Roger Song, who wrote in a client note that he sees the approval as a win for the company. Novavax said its ready to deliver the shot in the fall pending strain recommendations from an FDA advisory panel that's set to meet later this week. The approval triggers a milestone payment of $175 million from Novavax's partner Sanofi, which signed a licensing deal last year. Recommended Reading CDC panel mulls changes to COVID shot recommendations
