Summit partner selection for ASCO ‘likely a major positive,’ says Guggenheim

Guggenheim contends that investors “should be positively surprised” to see Summit Therapeutics (SMMT)’ partner Akeso’s first disclosure for HARMONi-6 data selected for the ASCO plenary session. Many feared these data would show the overall survival hazard ratio “land somewhere around 0.80-0.85,” but the firm thinks it will now be presumed to be a better less than 0.80 result given the selection as an ASCO plenary. The firm has a Buy rating and $40 price target on Summit Therapeutics shares.