In a report released yesterday, Yigal Nochomovitz from Citi maintained a Buy rating on Summit Therapeutics, with a price target of $35.00.
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Yigal Nochomovitz has given his Buy rating due to a combination of factors related to Summit Therapeutics’ recent performance and strategic positioning. The company achieved a significant outcome in the HARMONi study, showing a post-hoc overall survival benefit, which differentiates it from other unsuccessful trials in the same category. This positive result strengthens Summit Therapeutics’ case for regulatory approval, especially when compared to other treatments that have not demonstrated similar success.
Furthermore, while existing treatments like Rybrevant combined with chemotherapy have not shown overall survival benefits in certain trials, Summit’s ivonescimab presents a cleaner safety profile. This suggests a broader potential for the molecule, even in challenging settings where immuno-oncology has typically underperformed. These factors collectively contribute to Nochomovitz’s confidence in the stock’s potential, supporting his Buy recommendation.
In another report released on September 3, Guggenheim also initiated coverage with a Buy rating on the stock with a $40.00 price target.