Summit Therapeutics initiated with an Outperform at Evercore ISI

Evercore ISI initiated coverage of Summit Therapeutics (SMMT) with an Outperform rating and $30 price target The firm sees lead asset, ivonescimab, as “the heir apparent to Keytruda,” which it calls out as “the biggest cancer drug in history.” Akeso presented HARMONi-2 data showing ivonescimab “decisively beat” Keytruda head-to-head in first-line lung cancer and while outstanding questions “certainly remain,” it is clear that ivo’s traits are enabling activity beyond what is expected from an antibody combo, according to the analyst, who sees “ample room for upside.”