Kelly Shi from Jefferies sets a price target of $44 for NASDAQ:SMMT, indicating a potential increase of approximately 71.84%.
Summit to host an earnings call on May 1, 2025, to discuss Q1 2025 financial results and provide an operational update.
Positive Phase 3 HARMONi-6/K112-306 trial results for ivonescimab in NSCLC patients significantly contribute to the optimistic outlook for SMMT.
Summit Therapeutics Inc. (NASDAQ: SMMT) is a biopharmaceutical company focused on developing innovative therapies for serious diseases. Recently, Kelly Shi from Jefferies set a price target of $44 for SMMT, while the stock was trading at $25.61. This suggests a potential increase of approximately 71.84%, indicating strong confidence in the company’s future performance.
Summit is set to host an earnings call on May 1, 2025, to discuss its first quarter 2025 financial results and provide an operational update. The call will be available via a live webcast on the company’s website at 4:30 PM ET. This event is crucial for investors to gain insights into the company’s financial health and strategic direction.
The stock has seen a significant surge following the release of topline data from the Phase 3 HARMONi-6/K112-306 trial by its partner, Akeso, Inc. This trial evaluates ivonescimab in combination with chemotherapy against tislelizumab, targeting patients with advanced squamous non-small cell lung cancer (NSCLC). The positive results have likely contributed to the optimistic price target set by Jefferies.
The HARMONi-6 trial, conducted in China, successfully met its primary endpoint of progression-free survival (PFS). An interim analysis showed that ivonescimab plus chemotherapy significantly improved PFS compared to BeiGene, Ltd’s treatment. This benefit was observed in patients with both PD-L1-positive and PD-L1-negative tumors, highlighting the potential of Summit’s treatment approach.
Summit’s collaboration with Akeso, Inc. in the HARMONi-6 trial marks a significant milestone in cancer treatment. The trial’s success in demonstrating the efficacy of ivonescimab in combination with chemotherapy underscores the potential impact of Summit’s therapies in the oncology field. This progress may further bolster investor confidence and support the stock’s upward trajectory.
