Reni Benjamin, an analyst from JMP Securities, reiterated the Buy rating on Summit Therapeutics (SMMT – Research Report). The associated price target remains the same with $32.00.
Reni Benjamin’s rating is based on several compelling factors that make Summit Therapeutics an attractive investment. The company’s recent collaboration with Pfizer to evaluate ivonescimab in combination with ADCs in solid tumors is a significant development, suggesting potential growth and innovation in their pipeline. Additionally, Summit’s strong cash position of $412 million and the absence of debt provide a solid financial foundation to support its ongoing and future clinical trials.
Moreover, the anticipation of top-line results from the HARMONi trial in mid-2025, along with the potential for positive outcomes from multiple Phase 3 trials, adds to the investment appeal. The company’s strategic expansion of trial sites globally and its ability to leverage Akeso’s data to enhance investor confidence further bolster the outlook. With a projected downside of 52% and an upside potential of 107%, the risk-reward profile appears favorable, justifying the Buy rating.
Benjamin covers the Healthcare sector, focusing on stocks such as Blueprint Medicines, Incyte, and BeiGene. According to TipRanks, Benjamin has an average return of -14.2% and a 30.38% success rate on recommended stocks.