Analyst David Dai of UBS maintained a Buy rating on Summit Therapeutics, retaining the price target of $30.00.
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David Dai has given his Buy rating due to a combination of factors surrounding the promising results of Summit Therapeutics’ HARMONi-6 trial. The trial’s data, particularly the progression-free survival (PFS) hazard ratio of 0.60, was described as extremely positive by the Key Opinion Leader (KOL), indicating a significant reduction in the risk of death and a clinically meaningful improvement in median PFS. This is especially noteworthy given the challenging nature of treating squamous non-small cell lung cancer (NSCLC), where previous PD-1 trials have shown limited survival benefits.
Additionally, the safety profile of ivonescimab combined with chemotherapy was highlighted as substantially better compared to previous PD-1 and VEGF combinations, with a lower risk of severe hemorrhage. The KOL also expressed confidence in the overall survival (OS) benefits, suggesting that the PFS improvements could translate into long-term OS success. The positive subgroup analysis further supports the drug’s mechanism of action, enhancing its potential in broader global trials. These factors collectively underpin David Dai’s Buy rating for Summit Therapeutics.
In another report released yesterday, Truist Financial also reiterated a Buy rating on the stock with a $35.00 price target.
Based on the recent corporate insider activity of 13 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of SMMT in relation to earlier this year.