Summit Therapeutics initiated with a Buy at Truist

Truist initiated coverage of Summit Therapeutics (SMMT) with a Buy rating and $35 price target Summit is a biotech company built around ivonescimab, the most clinically advanced asset in a novel class of drugs that has potential to surpass the most successful drug class in oncology, the analyst tells investors in a research note. The firm says two pivotal trials in lung cancer are underway, and that it thinks the data will be positive and enable ivonescimab to access the U.S. and European markets beginning in 2026. While lung cancer represents a substantial opportunity, the total addressable market for ivonescimab is much broader, contends Truist. It believes Summit could be a takeober target for a large biopharma company with the development capabilities that can maximize ivonescimab’s potential.