Summit Therapeutics downgraded to Hold from Buy at Jefferies

Jefferies downgraded Summit Therapeutics (SMMT) to Hold from Buy with a price target of $15, down from $42, after assuming coverage of the name. Summit has four major catalysts in 2026, and each has risk, the analyst tells investors in a research note. The firm believes a “clean win is not an easy call” for the HARMONi-6 readout given the uncertain China-to-global translation. While PD-1/VEGF is a promising class and Summit is the early mover, Jefferies would look for another way to play it.