Instil Bio price target raised to $40 from $25 at H.C. Wainwright

H.C. Wainwright raised the firm’s price target on Instil Bio (TIL) to $40 from $25 and keeps a Buy rating on the shares. The firm says Instil competitor Summit Therapeutics’ (SMMT) full data from the Phase 3 study of ivonescimab in front-line non-small cell lung cancer raises its confidence in SYN-2510, given mechanistic similarities. Preclinical studies show SYN-2510 exerted stronger synergistic antitumor activities than the combination of a VEGF blocker and a PD-L1 antibody, the analyst tells investors in a research note.