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Investing.com - Summit Therapeutics plc (NASDAQ:SMMT) received a Buy rating initiation from Clear Street with a price target of $30.00. According to InvestingPro data, analyst targets for the stock range from $12.19 to $44.80, with the company currently valued at $15.3 billion.
The stock traded slightly above the market on Monday, gaining 1.8% compared to the Nasdaq Biotechnology Index’s 0.3% increase, following the announcement of a clinical collaboration with Revolution Medicines to evaluate ivonescimab in combination with RAS(ON) inhibitors. This movement aligns with the stock’s historical pattern - InvestingPro analysis shows SMMT has delivered a remarkable 164.1% return over the past year, with a beta of -1.05 indicating its tendency to move independently of the broader market.
The collaboration will focus on three RAS-mutant solid tumor settings including non-small cell lung cancer, pancreatic ductal adenocarcinoma, and colorectal cancer, according to Clear Street’s analysis.
Clear Street views the mutually non-exclusive collaboration as "a worthwhile experiment," noting that combining multiple modalities with immune oncology agents represents the expected pathway forward in most indications.
The firm considers ivonescimab the front-runner in the emerging class of PD-(L)1xVEGF bispecifics and sees this deal as advancing the molecule’s integration into standard of care combinations for several solid tumors.
In other recent news, Summit Therapeutics has reported mixed results from its Phase III HARMONi clinical trial. The trial, which evaluated ivonescimab in combination with chemotherapy for EGFR-mutated non-small cell lung cancer, showed a statistically significant improvement in progression-free survival but did not achieve statistical significance in overall survival. Despite this, JMP Securities reiterated a Market Outperform rating and a $40 price target, expressing optimism about the drug’s potential impact. H.C. Wainwright also maintained a Buy rating with a $44 price target, highlighting ivonescimab’s potential to outperform Merck (NSE:PROR)’s KEYTRUDA in certain settings. Meanwhile, Cantor Fitzgerald expressed an Overweight rating, citing challenges in investor communication but confidence in the company’s prospects. However, Leerink Partners initiated an Underperform rating, expressing skepticism about ivonescimab’s market potential compared to established therapies like Keytruda. Summit Therapeutics plans to file a Biologics License Application, although the FDA requires a statistically significant overall survival benefit for approval. The company remains financially strong, with a cash reserve of $361.3 million to support ongoing clinical programs.
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