In a report released on March 28, Kelly Shi from Jefferies maintained a Buy rating on Summit Therapeutics (SMMT – Research Report), with a price target of $31.00.
Kelly Shi has given his Buy rating due to a combination of factors that highlight the potential of Summit Therapeutics’ Ivonescimab. The drug has shown promising efficacy in comparison to existing standards of care for small cell lung cancer (SCLC), with improvements in key metrics such as overall response rate and median overall survival. Despite not currently pursuing SCLC, the data from Ivonescimab’s trials suggest that it could be a strong contender in this area.
Additionally, Ivonescimab’s safety profile appears favorable when compared to competitors, with lower rates of severe treatment-related adverse events. This safety advantage is crucial for combination strategies aimed at market expansion. The consistent performance across multiple indications, including non-small cell lung cancer and triple-negative breast cancer, further supports the potential for Ivonescimab to be a significant player in the oncology market.