Summit Therapeutics initiated with a Buy at Jefferies

Jefferies initiated coverage of Summit Therapeutics (SMMT) with a Buy rating and $31 price target Summit’s “first-in-class” Ivonescimab “leads the pack” to challenge PD-(L)1 inhibitors, which the analyst identifies as “the most valuable oncology drug class.” The firm, which says the near-term focus is on the first global data in NSCLC in mid-2025 and overall survival data in mid-2025, sees about $10B peak sales “in NSCLC alone,” the analyst tells investors.