Summit Corporation - Substantial Progress On High-value Assets

Summit Corporation Substantial Progress On High-value Assets Summit Corporation has announced results for the year to January 2013. The year saw the UK-based drug discovery and development company make substantial scientific progress on the development of two potentially high-value clinical-stage assets targeting Duchenne Muscular Dystrophy (SMT C1100) and C.difficile infection (SMT 19969), with the achievement of significant milestones coupled with the enhancement of the respective programme development teams. We have taken this opportunity to update our forecasts for FY14 and issue forecasts for FY15, based on Summit maintaining the pace of development to ensure that value is continually being added. Accordingly, with the refocused business model allowing Summit to capitalise more effectively on the scientific and commercial potential of the respective programmes, our stance firmly remains speculative buy, with a target price of 16.36p. Click to Download Full Report Table: Financial overview Year to 31st Jan 2012A 2013A 2014E 2015E Revenue (£000) 1,765 1,814 3,500 10,000 PBT (£000) (2,998) (4,566) (2,977) 2,643 EPS (p) (1.44) (1.35) (0.74) 0.85 Dividend (p) 0.0 0.0 0.0 0.0 Source: GECR and company Speculative Buy Target price 16.36p Key data Share Price 4.53p 52 week high/low 5.63p / 2.25p Primary exchange AIM EPIC SUMM Shares in issue 354.09 m Market Cap £16.02m Sector Pharmaceuticals & Biotechnology Important: All disclaimer information can be found on the last page of the document

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