In a report released today, Mitchell Kapoor from H.C. Wainwright reiterated a Buy rating on Summit Therapeutics, with a price target of $44.00.
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Mitchell Kapoor’s rating is based on the promising data from Summit Therapeutics’ HARMONi studies, which suggest that their drug, ivonescimab, may outperform the current market leader, KEYTRUDA, in treating certain cancer types. The HARMONi data, particularly from the Phase 3 trials, indicate that ivonescimab has a more favorable progression-free survival (PFS) rate compared to KEYTRUDA when used in combination with chemotherapy. This suggests a potential for ivonescimab to become the preferred immunotherapy option across multiple cancer types.
Additionally, the consistency between the data from China and Western trials alleviates concerns about the drug’s efficacy across different populations. With the possibility of ivonescimab achieving peak annual sales significantly higher than KEYTRUDA’s $30 billion, Kapoor sees a strong investment opportunity. The upcoming presentations and regulatory filings are expected to further validate the drug’s potential, supporting the Buy rating with a 12-month price target of $44.