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Investing.com - Summit Therapeutics plc (NASDAQ:SMMT) stock rose to $25.98 after H.C. Wainwright reiterated its Buy rating and $50.00 price target on the company following positive clinical trial updates. The stock has shown remarkable momentum, delivering a 111.74% return over the past year, according to InvestingPro data.
The company’s September World Conference on Lung Cancer (WCLC) presentation in Barcelona provided clarity on its global HARMONi trial while contextualizing the independent HARMONi-A final overall survival (OS) results reported in August. With a market capitalization of $19.3 billion, Summit Therapeutics has attracted significant investor attention.
At the April 2025 primary analysis, the HARMONi trial met its progression-free survival (PFS) endpoint and showed a positive OS trend with a hazard ratio of 0.79 (p=0.057), while HARMONi-A OS data were locked at a hazard ratio of 0.80.
In August, Akeso (9926.HK) announced that HARMONi-A achieved statistically significant OS results, and in September, Summit presented updated HARMONi data at WCLC showing improved OS with an intention-to-treat hazard ratio of 0.78 (p=0.0332) as additional Western events accrued.
H.C. Wainwright analyst Mitchell S. Kapoor noted these data demonstrate ivonescimab translating robust PFS into OS, reinforcing the firm’s conviction that the agent is positioned to become "the next mega-blockbuster," with year-end 2025 HARMONi-2 OS results identified as the pivotal catalyst. InvestingPro analysis suggests the stock is currently overvalued, with analyst targets ranging from $12.00 to $49.93. Discover more insights and 13 additional ProTips for SMMT with an InvestingPro subscription.
In other recent news, Summit Therapeutics presented updated data from its global Phase 3 trial of the lung cancer drug ivonescimab, which failed to confirm earlier promising results seen in studies conducted in China. This has raised questions about the drug’s regulatory pathway, particularly concerning its potential overall survival harm in North American and European patients. Despite these concerns, JMP Securities has reiterated its Market Outperform rating for Summit Therapeutics with a price target of $40.00. Meanwhile, H.C. Wainwright has maintained its Buy rating and increased its price target from $44.00 to $50.00, citing a significant overall survival win for ivonescimab in EGFR-mutant non-small cell lung cancer. The firm emphasized that the data from China is credible and supports the survival benefits observed. Additionally, Akeso completed patient enrollment in a Phase 3 trial evaluating ivonescimab in combination with standard therapy for advanced biliary tract cancer in China. Positive interim results from Akeso’s HARMONi-A trial also showed a meaningful overall survival benefit for ivonescimab plus chemotherapy in a China-only study. These developments highlight ongoing interest and mixed evaluations of Summit Therapeutics’ investigational therapies.
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