Summit Therapeutics: Ivonescimab OS Readout, Regulatory Milestones, and GSK Partnership Underpin Reaffirmed Buy and $40 Target

Mitchell Kapoor, an analyst from H.C. Wainwright, reiterated the Buy rating on Summit Therapeutics. The associated price target remains the same with $40.00.

Mitchell Kapoor has given his Buy rating due to a combination of factors tied to Summit Therapeutics’ lead asset ivonescimab and its late-stage development trajectory. He views the upcoming overall survival readout from the HARMONi-2 trial as the key near-term catalyst, believing that the prior lack of clear OS benefit in HARMONi is more likely the result of complex trial design and cross-regional integration issues than a true limitation of the drug’s efficacy. In his view, this reduces the perceived downside risk heading into the new OS analysis and supports the notion that ivonescimab’s approvability in broader NSCLC settings should not be overly clouded by EGFR-mutant specific regulatory concerns.
Kapoor also highlights the recent U.S. BLA submission in second-line and later EGFR-mutated NSCLC as an important milestone, even though he expects the stock to be driven more by emerging OS data than by filing mechanics. He notes that the strong progression-free survival benefit in a setting where PD-1 agents have historically underperformed underpins the regulatory case, with the main uncertainty centered on how strictly the FDA will interpret its preference for overall survival significance. Additionally, he views the new collaboration with GlaxoSmithKline as strategically positive, arguing that GSK’s cleaner incentive structure around its B7-H3 ADC should translate into stronger commitment to advancing combinations with ivonescimab, without the internal competition dynamics seen with Pfizer. Collectively, these clinical, regulatory, and partnership elements support his reaffirmed Buy rating and his 12‑month price target of $40 per share.

In another report released on January 12, TipRanks – Google also initiated coverage with a Buy rating on the stock with a $21.50 price target.