Mitchell Kapoor, an analyst from H.C. Wainwright, reiterated the Buy rating on Summit Therapeutics. The associated price target remains the same with $50.00.
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Mitchell Kapoor has given his Buy rating due to a combination of factors that highlight the promising outlook for Summit Therapeutics. The recent updates from the World Conference on Lung Cancer have confirmed the translation of progression-free survival (PFS) into overall survival (OS) for ivonescimab, a key drug in Summit’s pipeline, reinforcing its potential as a blockbuster. The HARMONi trial results, particularly the improvement in OS with a hazard ratio of 0.78, underscore the drug’s efficacy and strengthen the belief in its future success.
Furthermore, the comparison with Keytruda, which failed to show significant benefits in similar settings, positions ivonescimab as a superior alternative. The North American hazard ratio of approximately 0.70 is particularly promising for FDA approval and market uptake in the United States. These factors, combined with the strategic alignment of data from different regions, enhance confidence in the drug’s potential, leading to the reiteration of a Buy rating with a 12-month price target of $50.
In another report released today, UBS also maintained a Buy rating on the stock with a $30.00 price target.