Analysts are intrested in these 5 stocks: ( (SMMT) ). Here is a breakdown of their recent ratings and the rationale behind them.
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Summit Therapeutics has suddenly dropped off many bullish radar screens as analyst Mitchell Kapoor cut his rating on SMMT from Buy to Hold. He argues that fresh data from Merck’s sacituzumab tirumotecan plus Keytruda combo in first‑line lung cancer may blunt the once‑promising edge of Summit’s partner drug ivonescimab.
In Kapoor’s view, Merck is proving it can defend its lucrative Keytruda lung‑cancer franchise without giving ground to Summit’s asset. Cross‑trial comparisons are never perfect, but here both studies used nearly identical Keytruda control arms, making Merck’s stronger progression‑free survival and response rates hard to ignore.
The analyst highlights several pressure points that now weigh on Summit’s story. Sac‑TMT plus Keytruda is already showing a favorable trend in overall survival, stronger progression‑free survival in non‑squamous disease, and better outcomes in patients with low PD‑L1 expression, while ivonescimab’s data look more mixed by comparison.
Adding to investor unease is the lack of an updated survival readout from Summit’s key HARMONi‑2 trial, even though a more mature analysis had been guided for late 2025 or early 2026. With mid‑2026 here and no new numbers, Kapoor sees an overhang just as Merck’s regimen is starting to build an early lead.
Near‑term catalysts also appear softer, with the once‑hyped HARMONi‑3 acceleration path no longer in play and the November 14, 2026 PDUFA date looking less like a turning point. Kapoor has removed his price target entirely and recommends investors adopt a wait‑and‑see stance while overall survival data and competitive dynamics play out.