Positive Buy Rating for Summit Therapeutics Driven by Promising Ivonescimab Trial Results

Analyst Kelly Shi of Jefferies maintained a Buy rating on Summit Therapeutics (SMMT – Research Report), retaining the price target of $44.00.

Kelly Shi’s rating is based on several promising aspects of Summit Therapeutics’ recent clinical trial data. The company’s drug, Ivonescimab, showed significant improvement in progression-free survival (PFS) when combined with chemotherapy in patients with EGFR-mutated non-small cell lung cancer (NSCLC). The data from the global trial aligns well with previous results from China, suggesting that the drug’s efficacy is consistent across different populations.
Moreover, the management’s comments indicate a positive trend in overall survival (OS) benefits, although the data is still maturing. The flexibility in the timing of the Biologics License Application (BLA) filing, depending on the evolution of OS data, shows a strategic approach to ensure a robust submission. Additionally, Ivonescimab’s differentiated profile, especially in a setting where other PD-(L)1 agents have not shown significant benefits, strengthens its potential market position. These factors collectively support the Buy rating for Summit Therapeutics.

In another report released today, H.C. Wainwright also reiterated a Buy rating on the stock with a $44.00 price target.

Based on the recent corporate insider activity of 8 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of SMMT in relation to earlier this year.