Summit Therapeutics stock rating reiterated at Market Outperform by JMP

Investing.com - JMP Securities has reiterated its Market Outperform rating and $40.00 price target on Summit Therapeutics plc (NASDAQ:SMMT), currently trading at $18.82, according to a research note published Wednesday. The stock has experienced significant volatility, declining nearly 20% over the past week.

The firm maintained its positive outlook following Summit’s presentation of longer-term follow-up data from the global Phase 3 HARMONi trial at WCLC 2025, which evaluated ivonescimab plus chemotherapy in second-line or later EGFR-mutated non-small cell lung cancer.

JMP highlighted that overall survival in the trial reached nominal statistical significance with a hazard ratio of 0.78 and p-value of 0.0332, noting consistent trends across both Asian and Western patient cohorts.

The research firm also pointed out that progression-free survival data remained robust compared to prior analyses, reinforcing the drug candidate’s potential efficacy profile.

Summit Therapeutics currently maintains a strong cash position of $297.9 million and has multiple Phase 3 trials enrolling globally, which JMP believes positions the company well despite recent share price weakness.

In other recent news, Summit Therapeutics has been in the spotlight following a series of developments related to its investigational lung cancer therapy, ivonescimab. The company faced a setback after releasing disappointing longer-term follow-up data from a global trial, which failed to confirm earlier promising results seen in China, causing investor and analyst concerns. Despite this, H.C. Wainwright reiterated its Buy rating and raised the price target for Summit Therapeutics to $50.00, citing a significant overall survival win in EGFR-mutant non-small cell lung cancer. Meanwhile, JMP Securities maintained its Market Outperform rating with a $40.00 price target after the company presented updated clinical trial data at the World Conference on Lung Cancer. H.C. Wainwright also highlighted progress in the ivonescimab treatment, noting the completion of patient enrollment in a pivotal Phase 3 trial for advanced biliary tract cancer in China. These recent developments have led to mixed reactions from analysts, with some expressing optimism about the drug’s potential despite the recent trial data concerns.

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