Kelly Shi, an analyst from Jefferies, maintained the Buy rating on Summit Therapeutics (SMMT – Research Report). The associated price target remains the same with $31.00.
Kelly Shi has given her Buy rating due to a combination of factors including the promising outlook for Summit Therapeutics’ HARMONi-2 trial results and the potential approval timeline in China. The trial data for Ivonescimab, particularly in the context of overall survival (OS) rates in first-line non-small cell lung cancer (NSCLC), is expected to exceed market expectations, which is a positive indicator for the stock.
Additionally, the submission for Priority Review by China’s National Medical Products Administration (NMPA) suggests a favorable regulatory pathway, with an estimated approval likely between April and July 2025. The anticipated success in meeting the OS benchmarks, as indicated by simulation analyses, further supports the optimistic outlook for the drug’s market potential, reinforcing the Buy recommendation.