Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on SUMMIT THERAPEUTICS PLC. We currently have 78 research reports from 1 professional analysts.
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SUMMIT THERAPEUTICS PLC
SUMMIT THERAPEUTICS PLC
N+1 Singer - Morning Song 17-11-2016
17 Nov 16
T Clarke has announced a positive Q3 trading update, which again confirms that the order book has been maintained at the very healthy £320m level and that full year expectations are unchanged. The fraud investigation continues. Legal proceedings have commenced and steps are being taken to recover the misappropriated funds, although it is too early to estimate the likely quantum. Turning to the trading environment, despite inevitable uncertainties, T Clarke’s core markets continue to demonstrate steady and cautious improvement. It is highly encouraging to read that the order book has suffered no project cancellations post EU referendum and also that contracts have now been signed on the major 22 Bishopsgate development scheme. T Clarke has won four key packages valued at £56m to be delivered between 2017 and 2019. The outlook is positive with several notable schemes currently being bid. Against this backdrop, we consider the shares significantly undervalued and expect this to correct as any nervousness surrounding the fraud investigation settles.
N+1 Singer - Summit Therapeutics - PhaseOut DMD trial underway in the US
16 Nov 16
The start of PhaseOut DMD in the US is in line with expectations, following regulatory clearance in April 2016. Patient enrolment is ongoing in the UK following the recruitment of the first patient in June 2016. Data from the trial will be released periodically with the first muscle biopsy data expected Q2/Q3 2017. We are currently forecasting $2.6bn of ezutromid peak sales, supported by the broad utility of the programme across all patients with DMD and in combination with other agents. We remain extremely positive on the group’s future prospects and its significant market potential.
N+1 Singer - Pharma & Biotech - Reflections on the UK sector post the US election
11 Nov 16
Although the performance of UK-listed Big Pharmas is closely linked to changing US market dynamics, the impact on our UK smallcap life science universe will likely be more muted given its early-stage nature. Nevertheless, potential changes to drug pricing and healthcare provision resulting from the likely reversal of the Affordable Care Act (Obamacare) could impact a number of companies in our universe. We highlight Summit Therapeutics (Corporate), ReNeuron (Buy), Vectura (Buy), Verona Pharma (Corporate) and Futura Medical (Corporate) as potential beneficiaries of a less adverse pricing environment, whilst Craneware (Hold) and AMS (Hold) could be negatively affected by potential US hospital spending delays.
N+1 Singer - Morning Song 11-11-2016
11 Nov 16
Swallowfield has issued a positive update this morning alongside its AGM, stating trading in the first 4 months of the year is in line with expectations. Performance has been positive in both manufacturing and owned brands, notably Brand Architekts. Reflecting this mix of organic and acquired growth (seasonally biased towards H1) and FX benefits, we forecast 345% H1 PBT growth from 38% sales growth. The outlook statement reads positively and, notwithstanding uncertainties in the UK and overseas, forecast H2 sales growth of 7% looks conservative. After giving up some of the recent gains, the cal17 P/E has come back to <11x and is now well below our 305p fair value estimate.
N+1 Singer - Summit Therapeutics - Sarepta collaboration: a good strategic fit
21 Oct 16
Summit has entered into an exclusive license and collaboration agreement with Sarepta for its utrophin modulation pipeline, including its lead DMD programme ezutromid, in Europe. We believe this is highly value enhancing and a good strategic fit. The deal is substantial and Summit retains commercialisation rights in the US market where it will market the drug on its own, offering significant upside potential. In this note we provide a detailed overview of the deal and update our forecasts. We look forward to the partnership progressing and bringing treatments to DMD patients.
N+1 Singer - Morning Song 21-10-2016
21 Oct 16
Xaar has announced that its FD, Alex Bevis, will be leaving to pursue other opportunities after almost 6 years with the group. A search is underway for his replacement and Alex will remain with Xaar until 24th March 2017. While Alex’s departure is disappointing, Xaar’s strategy remains on track, with new product launches expected to drive near term organic sales growth and a target of £220m sales by 2020. This reflects stronger leverage of Xaar’s innovative technology into a broader spread of end products and markets, with the £220m expected to be composed of broadly equal contributions from ceramics, packaging & product printing, Thin film/P4, and partnerships/M&A. Prospects for the group are exciting, with positive news flow on product launches and end markets anticipated over the year ahead.
30 Nov 16
Abzena (ABZA): Interim results indicate happy customers (BUY) | Horizonte Minerals* (HZM): Fund raise completed (CORP) | SacOil* (SAC): Half-year trading statement (CORP) | Revolution Bars (RBG): New openings (BUY) | Amino Technologies* (AMO): Multi operator FUSION roll out (CORP)
N+1 Singer - Morning Song 30-11-2016
30 Nov 16
Sanderson has delivered full year results in line with expectations and the 19 October trading update after a strong finish to the year compensated for a slower start. A healthy level of pre-contracted recurring revenue (50%), incremental sales to existing customers and new customer wins at higher average order values helped deliver solid revenue growth in both the Digital Retail (+9%) and Enterprise (+12%) divisions. A decent order book and good sales momentum suggest that the company is on track to deliver on unchanged profit expectations for the current year. We continue to view the valuation (FY17 EV/EBITDA 8.6x) as undemanding given an attractive combination of accelerating growth potential, strong cash generation and growing dividends.
N+1 Singer - Morning Song 29-11-2016
29 Nov 16
Vp has reported another impressive set of interims, confirming strong growth in most markets and a positive outlook. Recent acquisitions are bedding in well and the full year outturn is set to exceed previous expectations (5%/6% EPS upgrades in FY17/FY18). The recent Capital Markets Day provided a reminder of Vp’s qualities (specialist focus, high returns, strong cash generation) and its growth potential, which in our view are not reflected in a modest <11x P/E rating. We firmly believe the shares are due a re-rating and see intrinsic value in excess of 800p.
Food intolerance driving growth
29 Nov 16
Omega Diagnostics Group has an established core business providing high quality in vitro diagnostic tests within three core areas of competence – Food Intolerance, Allergy & Autoimmune, Infectious Disease – that are sold in over 100 countries. The group offers steady low single-digit growth which is profitable and cash generative. Investment in new products has seen the launch of a new panel of automated allergy tests and progress on Visitect CD4 for monitoring of HIV positive patients. Interim results highlighted the opportunities to accelerate growth of the business, particularly Allersys, which has drawn attention from its partner.
Small Cap Breakfast
29 Nov 16
Asia Pacific Investment Partner - the research-driven emerging and frontier markets real estate development business intends to float on AIM and conduct a placing in December RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m Diversified Oil & Gas— Schedule One now out. $60m to be raised. Expected admission 6 December. Creo Medical Group —UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive surgery. Admission due 7 December. Fundraising details TBA.