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On Wednesday, Truist Securities initiated coverage on Summit Therapeutics plc (NASDAQ:SMMT) stock, assigning a Buy rating and setting a price target of $35.00. The firm's analysts highlighted the potential of ivonescimab, Summit's leading drug candidate, to outperform the current leading class of oncology drugs, specifically PD-1 and PD-L1 inhibitors.
Summit Therapeutics, a biotech company, is currently conducting two pivotal lung cancer trials with ivonescimab. Truist Securities expressed optimism about the upcoming data from these trials, suggesting it could pave the way for the drug's entry into the US and European markets as early as 2026.
The analysts noted that while lung cancer presents a significant market opportunity, ivonescimab's potential extends beyond this single type of cancer.
They believe the drug could address a much larger market, which may position Summit as an attractive acquisition target for larger biopharmaceutical companies capable of maximizing ivonescimab's full potential.
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