Summit Therapeutics price target raised to $30 from $16 at H.C. Wainwright

H.C. Wainwright raised the firm’s price target on Summit Therapeutics to $30 from $16 and keeps a Buy rating on the shares after the company presented the full dataset for the Phase 3 trial of ivonsecimab versus Merck’s Keytruda. The firm says ivonescimab is clearly better than Keytruda in non-small cell lung cancer, “with slam dunks in each of four important disease subtypes.” The firm views the overall response rate benefit as a “raw measure of ivonescimab’s true power vs. Keytruda, with PFS confirming that ivonescimab’s effects are sustained.”