Analyst Kelly Shi from Jefferies maintained a Buy rating on Summit Therapeutics (SMMT – Research Report) and keeping the price target at $31.00.
Kelly Shi has given his Buy rating due to a combination of factors including Summit Therapeutics’ strategic collaborations and promising clinical trial developments. The partnership with Pfizer to explore ivonescimab in combination with vedotin ADCs in various solid tumors is a significant step, indicating potential for growth beyond non-small cell lung cancer (NSCLC). This collaboration is expected to commence new trials by mid-2025, showcasing a proactive approach to expanding therapeutic applications.
Additionally, the ongoing HARMONi trials are progressing well, with topline data expected by mid-2025. The trials are designed to detect overall survival significance, a critical factor for regulatory approvals. Summit Therapeutics’ financial position, with a substantial cash reserve, further supports its research and development initiatives, providing a solid foundation for future growth. These elements combined suggest a positive outlook for the company’s stock, justifying the Buy rating.
In another report released today, JMP Securities also reiterated a Buy rating on the stock with a $32.00 price target.