** Shares of drug developer Summit Therapeutics rise ~4% to $18.88
** Brokerage Truist Securities starts coverage on SMMT with "buy" rating; PT $35
** PT represents a 92.7% upside to the stock's last close
** Last year, SMMT's ivonescimab showed better survival rates among lung cancer patients compared with Merck's Keytruda, world's biggest selling drug, in a late-stage study in China
** Brokerage estimates the drug could generate $7 bln in peak sales, primarily from lung cancer
** SMMT could also be a potential acquisition target - Truist Securities
** SMMT jumped ~580% in 2024
(Reporting by Kamal Choudhury in Bengaluru)
((Kamal.Choudhury@thomsonreuters.com;))
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