TD Cowen analyst Tyler Van Buren has maintained their bullish stance on SMMT stock, giving a Buy rating today.
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Tyler Van Buren has given his Buy rating due to a combination of factors surrounding Summit Therapeutics’ advancements in cancer treatment. The company’s development of ivonescimab, a PD-1 x VEGF tetravalent bispecific, shows promise in outperforming standard care across various solid tumors. The impressive data from the HARMONi trials, particularly in non-small cell lung cancer (NSCLC), highlights the potential of ivonescimab to provide clinical differentiation and superiority.
Furthermore, the Phase III HARMONi trial results indicate a significant progression-free survival benefit and a positive trend in overall survival, despite narrowly missing statistical significance. These outcomes, coupled with ongoing discussions with the FDA, suggest a strong potential for regulatory approval. The strategic collaborations and upcoming data releases could further bolster the reach and cost-effectiveness of ivonescimab, reinforcing the Buy rating for Summit Therapeutics.
In another report released today, Citi also assigned a Buy rating to the stock with a $35.00 price target.