H.C. Wainwright analyst Mitchell Kapoor has reiterated their bullish stance on SMMT stock, giving a Buy rating on August 28.
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Mitchell Kapoor has given his Buy rating due to a combination of factors surrounding Summit Therapeutics’ promising developments with ivonescimab. The completion of patient enrollment in a pivotal Phase 3 trial in China, which benchmarks ivonescimab against durvalumab for advanced biliary tract cancer, is a significant milestone. Ivonescimab has previously demonstrated substantial positive results in earlier trials, leading to its approval in China for non-small cell lung cancer, and these outcomes bolster its potential superiority over older checkpoint inhibitors.
Furthermore, the upcoming overall survival readout for the HARMONi-2 trial is anticipated to be a critical interim analysis, with the potential to show a survival benefit that no FDA-approved therapy for EGFR-mutant NSCLC has achieved. The stacked catalyst calendar, including presentations at major conferences, adds momentum and supports the Buy rating. These developments collectively enhance the investment thesis for Summit Therapeutics, justifying the reiterated 12-month price target of $50 per share.
According to TipRanks, Kapoor is an analyst with an average return of -9.6% and a 42.22% success rate. Kapoor covers the Healthcare sector, focusing on stocks such as Sarepta Therapeutics, Ionis Pharmaceuticals, and Summit Therapeutics.
In another report released on August 28, Wells Fargo also maintained a Buy rating on the stock with a $30.00 price target.