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Investing.com - JMP Securities has reiterated its Market Outperform rating and $40.00 price target on Summit Therapeutics plc (NASDAQ:SMMT), according to a research note published Tuesday. This aligns with the broader analyst consensus, as InvestingPro data shows analyst targets ranging from $12.09 to $43.88, with three analysts recently revising earnings estimates upward.
The firm’s decision follows Summit’s recent second-quarter 2025 earnings report and corporate updates, which included news that the company has begun enrolling patients in its HARMONi-3 and HARMONi-7 Phase 3 clinical trials.
JMP highlighted several upcoming catalysts for Summit, including HARMONi top-line results expected at the World Conference on Lung Cancer (WCLC) 2025 and potential HARMONi-2 overall survival data anticipated by year-end 2025 or early 2026.
The research firm noted Summit’s strong cash position of $297.9 million and expressed confidence in the company’s leadership team as factors supporting its positive outlook on the stock.
JMP’s analysis suggests Summit shares present an investment opportunity with approximately 36% downside risk ($17 bear case) and approximately 75% upside potential ($46 bull case) from current levels. The stock has demonstrated strong momentum, with InvestingPro showing an impressive 114% return over the past year. For deeper insights into Summit’s valuation and 11 additional exclusive ProTips, investors can access the comprehensive Pro Research Report.
In other recent news, Summit Therapeutics has seen several notable developments. The company maintained its Buy rating and a $44.00 price target at H.C. Wainwright following a collaboration agreement with Revolution Medicines. This partnership will focus on developing combinations of Revolution’s clinical-stage RAS(ON) inhibitors with Summit’s ivonescimab. Meanwhile, Evercore ISI raised its price target for Summit Therapeutics to $34.00, maintaining an Outperform rating. Cantor Fitzgerald reiterated an Overweight rating, noting a shift in management’s openness to 50/50 partnership structures. UBS initiated coverage on Summit with a Buy rating and a $30.00 price target, highlighting the potential of Summit’s lead cancer drug candidate, ivonescimab, which could see peak sales exceeding $7 billion. Clear Street also initiated coverage with a Buy rating and a $30.00 price target. These developments indicate a positive outlook from multiple analyst firms on Summit’s strategic moves and drug potential.
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