TD Cowen analyst Tyler Van Buren initiated coverage of Summit Therapeutics (SMMT) with a Buy rating and no price target The firm says ivonescimab’s “exquisite engagement” of PD-1 and VEGF has translated to superiority versus chemo in second-line EGFRm lung cancer and versus Keytruda in first-line. The firm says this is “unprecedented” and paves a path to capture and expand the growing $50B checkpoint inhibitor market. It cites ivonescimab’s potential to demonstrate superior efficacy across solid tumors for the Buy rating.
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