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Investing.com - UBS has reiterated a Buy rating and $30.00 price target on Summit Therapeutics plc (NASDAQ:SMMT) following the company’s second-quarter 2025 results and management call. The stock, currently trading at $26.01, has delivered an impressive 92% return over the past year, significantly outperforming with its negative correlation to market movements (Beta -1.06). According to InvestingPro data, analyst targets range from $12.00 to $43.58, reflecting diverse views on the company’s potential.
The firm highlighted several upcoming data updates for ivonescimab (ivo) in the second half of 2025, with the most imminent being at the World Conference on Lung Cancer (WCLC) from September 6-9. At this conference, investors can expect updates from the HARMONi-2 trial comparing ivo versus pembrolizumab in first-line PD-L1+ non-small cell lung cancer (NSCLC) and the HARMONi trial testing ivo plus chemotherapy versus chemotherapy alone in second-line EGFR+ NSCLC. With a market capitalization of $19.8 billion and strong liquidity position (current ratio of 5.13), Summit appears well-positioned to advance its clinical programs.
For HARMONi-2, the data will likely include a new PD-L1 TPS ≥ 90% subgroup analysis with progression-free survival (PFS) and hazard ratio (HR), though management does not expect to present overall survival data at this update. Regarding HARMONi, investor expectations remain low after the study failed to meet statistical significance for overall survival with a hazard ratio of 0.79 (p=0.057).
UBS expects Akeso to present detailed HARMONi-6 efficacy and safety data in the second half of 2025, likely as a late-breaking abstract at the European Society for Medical (TASE:BLWV) Oncology (ESMO) conference scheduled for October 17-21.
The firm continues to view ivonescimab as a potentially transformational therapy in NSCLC with a combined $7.4 billion peak sales opportunity, noting that investors are currently focused on potential partnership opportunities for the drug while awaiting key data updates from HARMONi-6 in the second half of 2025 and HARMONi-2 overall survival data expected in mid-2026. Based on InvestingPro’s Fair Value analysis, the stock appears to be trading above its intrinsic value. For deeper insights into Summit’s financial health, growth prospects, and 8 additional ProTips, explore the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Summit Therapeutics has been the subject of multiple analyst evaluations and corporate developments. The company recently released its second-quarter 2025 earnings report, which coincided with the start of patient enrollment for its HARMONi-3 and HARMONi-7 Phase 3 clinical trials. Analysts at JMP Securities maintained a Market Outperform rating with a $40 price target, while Evercore ISI increased its price target to $34, maintaining an Outperform rating. Piper Sandler initiated coverage with a Neutral rating and a $21 price target, citing concerns over investor expectations for Summit’s cancer drug, ivonescimab.
Additionally, H.C. Wainwright upheld its Buy rating with a $44 price target following Summit’s collaboration with Revolution Medicines. This agreement aims to develop combinations of Revolution’s RAS(ON) inhibitors with Summit’s ivonescimab. Cantor Fitzgerald reiterated an Overweight rating, noting a shift in Summit’s management approach toward potential partnerships. Summit has also opted for a standard press release and 10-Q filing instead of its usual quarterly conference calls, a change that followed their collaboration agreement announcement in December 2022.
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