Summit Therapeutics price target lowered to $32 from $33 at Clear Street

Clear Street lowered the firm’s price target on Summit Therapeutics (SMMT) to $32 from $33 and keeps a Buy rating on the shares. The stock is trading down after several updates over the weekend, including details of the HARMONi-6 study in which ivonescimab beat tislelizumab head-to-head in squamous non-small cell lung cancer and the announcement of a planned Phase 3 study in first-line colorectal cancer, the analyst tells investors in a research note. Clear Street still believes that ivonescimab has consistently outperformed PD-1 treatments, which are standard-of-care in solid tumor indications. It cites an increased projected share count for the target cut.