H.C. Wainwright analyst Mitchell Kapoor reiterated a Buy rating on Summit Therapeutics (SMMT – Research Report) today and set a price target of $44.00.
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Mitchell Kapoor has given his Buy rating due to a combination of factors that highlight Summit Therapeutics’ strategic position in the biopharmaceutical landscape. The recent deal between Pfizer and 3SBio underscores the growing importance of PD-1 x VEGF bispecific antibodies, a category in which Summit’s ivonescimab is a leading candidate. This deal, along with others in the industry, suggests a high valuation for these types of assets, reinforcing the potential value of Summit’s offerings.
Furthermore, despite Pfizer’s advancements, Summit’s ivonescimab is further along in its development timeline, which positions it favorably against competitors. The increasing interest in PD-1 x VEGF bispecifics from large pharmaceutical companies also suggests that Summit could be an attractive acquisition target. Kapoor believes that the strategic value of owning such a promising asset could drive major players to consider acquiring Summit, further supporting the Buy rating and the optimistic price target.
Kapoor covers the Healthcare sector, focusing on stocks such as Sarepta Therapeutics, Summit Therapeutics, and Ionis Pharmaceuticals. According to TipRanks, Kapoor has an average return of -23.9% and a 26.49% success rate on recommended stocks.
In another report released yesterday, Clear Street also initiated coverage with a Buy rating on the stock with a $33.00 price target.
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