Analyst Mohit Bansal from Wells Fargo maintained a Buy rating on Summit Therapeutics (SMMT – Research Report) and keeping the price target at $30.00.
Mohit Bansal has given his Buy rating due to a combination of factors including the recent ADC collaboration between Summit Therapeutics (SMMT) and Pfizer (PFE). This partnership is seen as a positive development, as it allows SMMT to leverage PFE’s extensive portfolio of antibody-drug conjugates (ADCs) across various solid tumors, with PFE covering the trial costs. The collaboration is expected to advance the use of ivonescimab in combination with vedotin-based ADCs, potentially enhancing treatment options for multiple cancer types.
Another significant factor influencing the Buy rating is the upcoming HARMONi trial readouts. The global second-line EGFRm lung cancer trial is anticipated to provide both progression-free survival (PFS) and overall survival (OS) data by mid-2025. Additionally, the HARMONi-2 monotherapy trial in PDL1+ NSCLC is expected to deliver OS data by the end of the year. These trials, along with ongoing Phase 2 Akeso trials in other indications, are key catalysts that could drive the stock’s performance, especially given the potential for positive efficacy insights across different patient populations.
Bansal covers the Healthcare sector, focusing on stocks such as Amgen, Eli Lilly & Co, and Vertex Pharmaceuticals. According to TipRanks, Bansal has an average return of 5.1% and a 52.67% success rate on recommended stocks.
In another report released today, JMP Securities also reiterated a Buy rating on the stock with a $32.00 price target.