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H.C. Wainwright Reiterates Buy Rating on Summit Therapeutics plc (SMMT)

October 4, 2024 6:36 AM EDT
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Price: $21.70 +1.35%

Rating Summary:
    6 Buy, 3 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 20 | Down: 28 | New: 7
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H.C. Wainwright analyst Mitchell S. Kapoor reiterated a Buy rating and $45.00 price target on Summit Therapeutics plc (NASDAQ: SMMT).

The analyst commented: "Yesterday, Summit announced that the company has completed enrollment in the Phase 3 (HARMONi) trial of ivonescimab (PD-1 x VEGF) + chemotherapy vs. placebo + chemotherapy in patients with EGFR-mutated, locally advanced or metastatic nonsquamous non-small cell lung cancer (NSCLC) who progressed after treatment with a third-generation EGFR tyrosine kinase inhibitor (TKI), such as osimertinib (i.e., 2L+ EGFRmut NSQ NSCLC). The trial enrolled patients from North American, European and Chinese sites. Summit also reported that the FDA granted ivonescimab Fast Track designation, which expedites and increases regulatory interactions and allows for rolling review of Biologics License Applications (BLAs) for new biologic agents. The HARMONi readout represents the next major catalyst for the company. If positive, we believe that these data should bolster the contention that ivonescimab can address therapeutic areas where the Merck & Co. (MRK; not rated) agent KEYTRUDA (pembrolizumab, anti-PD-1) cannot. We reiterate our Buy rating and 12-month price target of $45 per share."

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 $18.61 yesterday.



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