Stifel raised the firm’s price target on Summit Therapeutics to $25 from $14 and keeps a Buy rating on the shares as the firm contends that the company’s HARMONi-2 data address the two most widely debated ivonescimab questions. The firm thinks the 0.51 PFS HR versus Keytruda will “begin to convince more investors the answer to those questions is yes,” and that the upside potential for Summit is significant, noting that management’s view is that “lung cancer is just the beginning.” The firm’s new price target includes added first-line nonsquamous NSCLC sales accounting for price and duration benefit versus Keytruda, the analyst added.
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