Goldman starts Summit Therapeutics with a Buy on ivonescimab potential

Goldman Sachs analyst Salveen Richter initiated coverage of Summit Therapeutics (SMMT) with a Buy rating and $42 price target a Summit’s lead bispecific antibody asset ivonescimab, in-licensed from Chinese biotech Akeso, showed “remarkable efficacy” in recent Phase 3 head-to-head data versus standard-of-care Keytruda in first-line advanced non-small cell lung cancer in China, the analyst tells investors. While debates around the translatability of China results to broader studies continue, the firm is positive into the first ex-China dataset for ivonescimab in mid-2025, stating that it represents “the next major catalyst for the stock.”