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On Monday, JMP Securities analysts maintained their Market Outperform rating and $32.00 price target for Summit Therapeutics plc (NASDAQ:SMMT), an $18.15 billion market cap biotech company. The stock, which has delivered an impressive 603% return over the past year, tends to move independently from broader market trends with a beta of -0.46. The firm’s optimism hinges on the potential of Summit’s drug, Ivo, to compete with Keytruda, a current leader in the market which amassed $29.5 billion in sales during 2024. According to InvestingPro analysis, the stock appears to be trading above its Fair Value, with 11 additional exclusive insights available to subscribers. Ivo’s forthcoming Phase 3 (HARMONi) trial results in second-line or higher EGFRm NSCLC, expected by mid-2025, are highly anticipated and could significantly impact Summit’s stock value.
The analysts project that if the trial results are positive, SMMT shares could surge by over 50%, with current Wall Street targets ranging from $31.02 to $46.60. The trial’s outcome will include data on both progression-free survival (PFS) and overall survival (OS). The analysts expect that both PFS and OS could achieve statistical significance; however, they also acknowledge the possibility that the OS data may require a longer follow-up if it is deemed immature at the time of the initial readout. Investors should note that Summit’s next earnings report is scheduled for May 8, 2025.
Summit Therapeutics’ clinical development plans for Ivo across various indications are a topic of interest for JMP Securities, along with expectations for other data readouts over the next 12 to 18 months. The analysts are looking forward to further discussions on these plans and the potential effects of upcoming data on the company’s stock.
The anticipation surrounding the HARMONi trial readout is based on the potential for Ivo to become a strong competitor in the treatment landscape of non-small cell lung cancer. The success of this trial could mark a significant milestone for Summit Therapeutics as it seeks to establish its presence in the oncology market.
In other recent news, Summit Therapeutics has been the focus of multiple analyst reports highlighting significant developments. Truist Securities has maintained its Buy rating and a $35 price target for Summit Therapeutics, citing optimism about the upcoming HARMONi-2 study results. The study is expected to have a substantial impact on the company’s stock valuation, with the potential to exceed expectations. Additionally, Cantor Fitzgerald reaffirmed its Overweight rating on Summit Therapeutics, adjusting its financial model due to increased costs associated with royalties paid to Akeso. Despite these adjustments, the firm’s valuation remains largely unaffected, indicating confidence in the company’s growth potential.
Furthermore, Cantor Fitzgerald noted a significant move by Summit’s co-CEO Bob Duggan, who exercised warrants to acquire 4 million shares, a decision viewed as a positive signal for the company’s stock. Citi also upgraded Summit Therapeutics from Neutral to Buy, raising the price target to $35.00, based on an optimistic outlook for the HARMONi-2 study and the potential impact of the therapeutic candidate ivonescimab on non-small cell lung cancer treatment. The upgrade reflects a renewed confidence in Summit’s prospects, with Citi analysts projecting a 70% chance of a positive outcome for the study. These developments collectively underscore a period of heightened anticipation and potential for Summit Therapeutics in the biotech sector.
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