Summit Therapeutics (SMMT – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Mitchell Kapoor from H.C. Wainwright reiterated a Buy rating on the stock and has a $44.00 price target.
Mitchell Kapoor has given his Buy rating due to a combination of factors that highlight the promising potential of Summit Therapeutics’ ivonescimab. The recent data from the HARMONi-6 trial in China, where ivonescimab combined with chemotherapy showed a ‘decisive beat’ over Beigene’s anti-PD-1 treatment, has reinforced confidence in the drug’s efficacy. This outcome mirrors the earlier success of the HARMONi-2 trial, which significantly boosted Summit’s market valuation, suggesting a strong potential for similar positive impacts on the company’s stock.
Kapoor also anticipates that the upcoming overall survival data from the HARMONi-2 trial will act as a significant catalyst for Summit, potentially driving further stock appreciation. The analyst sees the potential for ivonescimab to replicate or exceed the performance benchmarks set by previous trials, such as the RATIONALE-307 trial, which would further validate the drug’s effectiveness. These factors, combined with the expectation of favorable trial outcomes and comparable baseline characteristics, underpin Kapoor’s confidence in reiterating a Buy rating with a 12-month price target of $44.
According to TipRanks, Kapoor is an analyst with an average return of -25.5% and a 25.40% success rate. Kapoor covers the Healthcare sector, focusing on stocks such as Sarepta Therapeutics, Cartesian Therapeutics, and Halozyme.