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Investing.com - H.C. Wainwright has reiterated its Buy rating and $50.00 price target on Summit Therapeutics plc (NASDAQ:SMMT) following recent developments with the company’s ivonescimab (SMT112) treatment. According to InvestingPro data, the stock has delivered an impressive 89% return over the past year, with analyst targets ranging from $12 to $49.
With a market capitalization of $17.6 billion and maintaining a strong liquidity position with a current ratio of 5.13, Summit Therapeutics continues to advance its pipeline. Akeso has completed patient enrollment in its Phase 3 registrational study evaluating ivonescimab in combination with standard therapy against durvalumab combination therapy for first-line treatment of advanced biliary tract cancer (BTC). The pivotal head-to-head trial, known as AK112-309/HARMONi-GI1, is being conducted in China.
Ivonescimab previously demonstrated significant positive results in the Phase 3 HARMONi-2 study, where it was compared head-to-head with pembrolizumab. These results led to the drug’s approval in China under the trade name Yīdá Fáng as a first-line treatment for PD-L1-positive non-small cell lung cancer (NSCLC), marking its second approved indication.
Biliary tract cancer is a rare, aggressive cancer that forms in the bile ducts, which carry bile from the liver to the small intestine. Durvalumab, the comparison treatment in the study, is sold by AstraZeneca plc under the trade name Imfinzi.
H.C. Wainwright views these head-to-head studies as incremental value drivers despite the relatively small size of the BTC market opportunity, noting they further confirm ivonescimab’s advantages in clinical settings. For deeper insights into SMMT’s valuation and 10+ additional ProTips, visit InvestingPro, where you’ll find comprehensive analysis and expert research reports.
In other recent news, Summit Therapeutics has been the focus of several analyst updates and clinical trial results. H.C. Wainwright raised its price target for Summit Therapeutics to $50 from $44, maintaining a Buy rating. This adjustment follows positive outcomes in the overall survival of ivonescimab in EGFR-mutant non-small cell lung cancer, validating data from China. Meanwhile, Akeso’s interim results from the HARMONi-A clinical trial reported a significant overall survival benefit for ivonescimab combined with chemotherapy, which has positively influenced Summit Therapeutics.
TD Cowen also reiterated a Buy rating for Summit Therapeutics after Akeso’s announcement, highlighting the clinical trial’s success in meeting its primary overall survival endpoint. UBS maintained its Buy rating and a $30 price target following Summit’s second-quarter results, noting upcoming data updates for ivonescimab expected later in the year. Piper Sandler initiated coverage on Summit Therapeutics with a Neutral rating and a $21 price target, expressing concerns about high investor expectations for ivonescimab despite compelling clinical data. These developments reflect ongoing interest and analysis from various firms regarding Summit Therapeutics’ performance and potential.
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