Summit Therapeutics initiated with a Buy at Stifel

Stifel initiated coverage of Summit Therapeutics (SMMT) with a Buy rating and $45 price target The firm believes the company’s ivonescimab, a “first-in-class” PD-1xVEGF bispecific antibody, is positioned to lead in what could be a $200B drug class. The growing strategic capital committed to “fast-followers” suggests scarcity value in Summit’s competitive positioning, the analyst tells investors in a research note. Stifel thinks the “de-risking” of Summit’s first-line lung cancer trials “could trigger an overdue re-rating” of the shares.