Summit Therapeutics initiated with a Buy at Citi

Citi initiated coverage of Summit Therapeutics with a Buy rating and $7 price target. The analyst also opened a “90-day positive catalyst watch” on the shares. Summit’s lead asset ivonescimab is “heavily de-risked” on mechanism-of-action and poised to disrupt the treatment landscape in non-small cell lung cancer, the analyst tells investors in a research note. The firm says the Phase 1/2 data for ivonescimab in first line squamous and 2L-EGFR-mutated lung cancer appear to surpass key standard-of-care efficacy benchmarks. Citi believes ivonescimab will offer a more attractive clinical benefit/risk profile in second line EGFR versus amivantamab plus chemo.