Jefferies analyst Kelly Shi maintained a Buy rating on Summit Therapeutics (SMMT – Research Report) today and set a price target of $31.00.
Kelly Shi’s rating is based on the promising results from Summit Therapeutics’ partner, Akeso, in their Phase 3 HARMONi-6 trial for non-small cell lung cancer (NSCLC). The trial demonstrated that the combination of ivonescimab (ivo) and chemotherapy achieved significant progression-free survival (PFS) benefits compared to the control group, which included Tislelizumab and chemotherapy. This marks the third success for ivonescimab in NSCLC trials, reinforcing confidence in Summit Therapeutics’ own HARMONi-3 trial, which targets a substantial portion of the NSCLC market.
Despite some differences in trial design, the positive outcomes from HARMONi-6 provide a favorable outlook for the HARMONi-3 trial. The results suggest that ivonescimab, when combined with chemotherapy, could potentially offer a more effective treatment option for NSCLC patients. The anticipation of further detailed results at upcoming medical conferences adds to the optimism surrounding Summit Therapeutics’ prospects, justifying the Buy rating given by Kelly Shi.
Based on the recent corporate insider activity of 8 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of SMMT in relation to earlier this year.