Cantor Fitzgerald Reiterates Overweight Rating on Summit Therapeutics plc (SMMT)

Cantor Fitzgerald analyst Eric Schmidt reiterated an Overweight rating on Summit Therapeutics plc (NASDAQ: SMMT).

The analyst commented, "The Street continues to view ivonescimab as an asset with a highly binary future: either better than pembro with huge market potential or undifferentiated from pembro and of limited value. For those who have the former mindset, HARMONi-6 data checks one more box in the superiority matrix and brings ivonescimab one step closer to its potential home run scenario. We estimate that sales in this class could reach $100B under such an outcome. But we also see HARMONi-6 as de-risking ivonescimab and raising the drug's prospects under lesser case scenarios. Ivonescimab has now achieved its primary endpoint of superiority over the standard of care in 3 of 3 large, randomized NSCLC trials in China, all with seemingly very compelling outcomes. Given these results, it seems increasingly likely to us that ivonescimab will establish itself as a new standard of care in multiple patient subsets. Partners Summit and Akeso are conducting nine Phase 3 trials and multiple Phase 2 studies across several histologies and lines of therapy. Clearly, this is a very active drug with multi-billion-dollar potential, even if it falls short of becoming the world's largest ever drug."

For an analyst ratings summary and ratings history on Summit Therapeutics plc click here. For more ratings news on Summit Therapeutics plc click here.

Shares of Summit Therapeutics plc closed at $27.35 yesterday.

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