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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), currently trading at $25.98, following the company’s presentation of updated clinical trial data. According to InvestingPro data, the stock has delivered an impressive 112% return over the past year.
The biopharmaceutical company, now valued at $19.3 billion, presented longer-term follow-up data from its global Phase 3 trial, HARMONi, which evaluated ivonescimab (Ivo) plus chemotherapy in second-line and beyond EGFR-mutated non-small cell lung cancer at the World Conference on Lung Cancer this weekend.
According to JMP, the updated results confirm that ivonescimab’s efficacy in Eastern patient populations successfully translates into Western populations, validating the drug’s potential across global markets.
JMP highlighted Summit’s ongoing multiple Phase 3 trials enrolling globally, its experienced leadership team, and strong cash position of $297.9 million as key factors supporting the positive outlook.
The analyst firm views any weakness in Summit shares as a buying opportunity for investors, maintaining confidence in the company’s clinical development program and market potential.
In other recent news, Summit Therapeutics has been in the spotlight due to significant developments surrounding its ivonescimab treatment. H.C. Wainwright has raised its price target for Summit Therapeutics to $50 from $44, maintaining a Buy rating, following a notable overall survival win for ivonescimab in EGFR-mutant non-small cell lung cancer. This success has been supported by data from Akeso’s HARMONi-A clinical trial, which showed a statistically significant overall survival benefit. Additionally, TD Cowen reiterated its Buy rating on Summit Therapeutics, emphasizing the positive results from the HARMONi-A trial. UBS also maintained a Buy rating with a $30 price target, highlighting forthcoming data updates for ivonescimab. The updates are expected at the World Conference on Lung Cancer, where further insights into the HARMONi-2 and HARMONi trials will be shared. These developments have contributed to a positive outlook for Summit Therapeutics among analysts.
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