Analyst David Dai from UBS maintained a Buy rating on Summit Therapeutics and keeping the price target at $30.00.
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David Dai’s rating is based on the promising results from the HARMONi-6 trial, which demonstrated that Ivonescimab combined with chemotherapy achieved a progression-free survival (PFS) hazard ratio of 0.60 compared to the control group. This outcome surpassed investor expectations and suggests a strong potential for Ivonescimab to become a leading treatment in first-line squamous non-small cell lung cancer (NSCLC).
Additionally, the trial data indicated significant benefits in the PD-L1 negative subgroup, expanding the potential applicability of Ivonescimab. Despite the absence of overall survival data, the high PFS benefit observed is expected to translate into long-term survival advantages. These factors contribute to the view that Ivonescimab could potentially replace current standard treatments, reinforcing the Buy rating for Summit Therapeutics.
According to TipRanks, Dai is an analyst with an average return of -8.5% and a 41.86% success rate. Dai covers the Healthcare sector, focusing on stocks such as Telix Pharmaceuticals, Summit Therapeutics, and Perspective Therapeutics.
In another report released today, Citi also maintained a Buy rating on the stock with a $40.00 price target.