H.C. Wainwright analyst Mitchell Kapoor has reiterated their bullish stance on SMMT stock, giving a Buy rating on April 28.
Mitchell Kapoor has given his Buy rating due to a combination of factors related to Summit Therapeutics’ ongoing clinical trials and market opportunities. The recent decline in Summit’s stock price, following the interim data from the HARMONi-2 trial, presents a potential buying opportunity. Although the interim analysis did not achieve statistical significance, the observed reduction in the risk of death compared to Merck’s KEYTRUDA is seen as a positive outcome, with further formal analysis expected to provide more definitive results.
Additionally, the upcoming data from the HARMONi-6 trial is anticipated to be a significant catalyst for the stock. The expectation is that ivonescimab, in combination with chemotherapy, will demonstrate favorable progression-free survival metrics compared to existing treatments. The potential for positive results in these trials, along with the opportunity to mitigate risks by comparing data from different regions, supports the optimistic outlook for Summit Therapeutics and justifies the Buy rating.
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, Halozyme, and Summit Therapeutics.
In another report released on April 28, JMP Securities also reiterated a Buy rating on the stock with a $40.00 price target.