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Investing.com - Summit Therapeutics plc (NASDAQ:SMMT) stock rose after TD Cowen analyst Tyler Van Buren reiterated a Buy rating on the biopharmaceutical company. The stock, currently trading at $26.62, has delivered an impressive 98% return over the past year, according to InvestingPro data.
The reiteration follows Akeso’s announcement in its H1 earnings press release that the final overall survival (OS) analysis of the HARMONi-A clinical trial showed ivonescimab met the primary OS endpoint, demonstrating a statistically significant and clinically meaningful survival benefit. With a market capitalization of $19.8 billion and analyst targets ranging from $12.06 to $43.80, InvestingPro rates the company’s overall financial health as FAIR.
Summit Therapeutics previously reported topline data from the Phase III HARMONi trial of ivonescimab plus chemotherapy versus chemotherapy alone in second-line or later EGFR-mutated non-small cell lung cancer patients. The trial showed a progression-free survival hazard ratio of 0.52 (p
The company reported an OS hazard ratio of 0.79 in the HARMONi trial, which narrowly missed statistical significance (p=0.057), but demonstrated a positive trend in a difficult-to-treat patient population where no FDA-approved regimens have previously succeeded on OS.
Summit may present updated data from the HARMONi trial at the World Conference on Lung Cancer in early September 2025, with additional patient follow-up potentially leading to the trial crossing the statistical significance threshold (p=0.05), particularly for the Western population whose median follow-up had not reached the median overall survival.
In other recent news, Summit Therapeutics has reported its second-quarter 2025 earnings, drawing attention from several analyst firms. UBS has reiterated a Buy rating with a $30.00 price target, highlighting upcoming data updates for the drug ivonescimab at the World Conference on Lung Cancer. JMP Securities also maintained a Market Outperform rating, noting the commencement of patient enrollment in the HARMONi-3 and HARMONi-7 Phase 3 clinical trials. Meanwhile, Evercore ISI has raised its price target for Summit Therapeutics to $34.00, maintaining an Outperform rating following a change in the company’s approach to quarterly reporting. Piper Sandler initiated coverage with a Neutral rating and a $21.00 price target, expressing concerns about high investor expectations for ivonescimab. Cantor Fitzgerald reiterated an Overweight rating, observing a shift in Summit’s openness to potential partnerships. These developments indicate a varied analyst outlook on the company’s future prospects.
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