Mohit Bansal, an analyst from Wells Fargo, maintained the Buy rating on Summit Therapeutics (SMMT – Research Report). The associated price target is $30.00.
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter
Mohit Bansal has given his Buy rating due to a combination of factors surrounding Summit Therapeutics’ potential with ivonescimab. The upcoming HARMONi trial is pivotal as it marks ivonescimab’s first global test, particularly focusing on its performance in Western populations. The trial’s design, which includes a significant portion of patients from previous Chinese studies, aims to assess the translatability of results across different demographics.
Despite the challenges in achieving statistically significant overall survival (OS) results, the progression-free survival (PFS) outcomes are promising, with expectations of replicating strong results seen in China. The trial’s focus on safety and the potential for ivonescimab to show better tolerability compared to competitors like amivantamab, despite not hitting OS significance, supports the Buy rating. These factors collectively suggest a favorable outlook for Summit Therapeutics in the near future.
According to TipRanks, Bansal is a 4-star analyst with an average return of 3.2% and a 50.66% success rate. Bansal covers the Healthcare sector, focusing on stocks such as Eli Lilly & Co, Gilead Sciences, and Bristol-Myers Squibb.
In another report released on May 22, H.C. Wainwright also reiterated a Buy rating on the stock with a $44.00 price target.
Looking for a trading platform? Check out TipRanks' Best Online Brokers , and find the ideal broker for your trades.
Report an Issue