In a report released today, Yigal Nochomovitz from Citi maintained a Buy rating on Summit Therapeutics (SMMT – Research Report), with a price target of $35.00.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Yigal Nochomovitz has given his Buy rating due to a combination of factors surrounding Summit Therapeutics’ recent developments. The approval of ivonescimab by the China NMPA for first-line non-small cell lung cancer (1L-NSCLC) based on the HARMONi-2 trial is a significant milestone. The trial’s hazard ratio of 0.777 is considered clinically meaningful, indicating a promising reduction in risk and aligning well with expectations.
Additionally, Nochomovitz highlights the potential of the ongoing HARMONi-7 trial in the US, which is expected to achieve its primary endpoint with similar success. The anticipation that US physicians will adopt ivonescimab for its potential to reduce mortality risk by 22-23% compared to the current standard treatment, Keytruda, further supports the Buy rating. Moreover, the positive outcomes from HARMONi-6 and the strategic positioning of HARMONi-3 in the broader chemotherapy combination market add to the optimism surrounding Summit Therapeutics’ stock.
According to TipRanks, Nochomovitz is a 4-star analyst with an average return of 3.0% and a 37.47% success rate. Nochomovitz covers the Healthcare sector, focusing on stocks such as Travere Therapeutics, Summit Therapeutics, and Crispr Therapeutics AG.
In another report released today, Jefferies also maintained a Buy rating on the stock with a $44.00 price target.