In a report released yesterday, Yigal Nochomovitz from Citi maintained a Buy rating on Summit Therapeutics, with a price target of $35.00.
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Yigal Nochomovitz has given his Buy rating due to a combination of factors that suggest a promising outlook for Summit Therapeutics. One of the key reasons is the anticipated performance of the HARMONi-6 trial, which is expected to show a progression-free survival hazard ratio (PFS-HR) of around 0.6. This expectation is based on previous results from the HARMONi-2 trial, which delivered a PFS-HR of 0.50 in squamous patients, and the inclusion of a common chemotherapy background in HARMONi-6, which is expected to enhance the PFS.
Additionally, Nochomovitz draws parallels with other trials, such as KN-407, where Keytruda combined with chemotherapy showed a PFS-HR of 0.62. Although direct comparisons are limited due to differences in trial designs, indirect examples from related clinical trials support the expectation of a PFS-HR of approximately 0.6. This potential for significant progression-free survival improvement, along with an expected share price return of 70.7%, underpins the Buy rating for Summit Therapeutics.
In another report released on September 16, H.C. Wainwright also reiterated a Buy rating on the stock with a $50.00 price target.
SMMT’s price has also changed slightly for the past six months – from $20.690 to $20.500, which is a -0.92% drop .