H.C. Wainwright Reiterates Buy Rating on Summit Therapeutics plc (SMMT)

H.C. Wainwright analyst Mitchell S. Kapoor reiterated a Buy rating and $16.00 price target on Summit Therapeutics plc (NASDAQ: SMMT).

The analyst commented: "Last week, Merck & Co. (MRK; not rated) announced the discontinuation of two trials evaluating KEYTRUDA (pembrolizumab, anti-PD-1): (1) the Phase 3 (KEYNOTE-867) trial evaluating KEYTRUDA in combination with stereotactic body radiotherapy for Stage I/II non-small cell lung cancer (NSCLC) for elevated AEs and related deaths; and (2) the Phase 3 (KEYNOTE-630) trial evaluating KEYTRUDA for adjuvant treatment high-risk locally advanced cutaneous squamous cell carcinoma (cSCC) following surgery and radiation due to futility. These trial stoppages add to over 220 trials involving KEYTRUDA terminated, highlighting the volume of oncology indications that KEYTRUDA is unable to address adequately or at all, and in which Summit's ivonescimab could seize opportunities. While we believe that ivonescimab could be utilized in areas where KEYTRUDA is ineffective, we remind investors that, according to Summit's press release for HARMONi-2 top line data, ivonescimab "decisively beat" KEYTRUDA in the head-to-head study in 1L NSCLC. In addition to breaching new areas within oncology, we believe that ivonescimab could replace KEYTRUDA as the standard of care, if data continue to suggest a demonstrably superior profile. Ahead of additional clinical data releases for ivonescimab, we reiterate our Buy rating and 12-month price target of $16."

For an analyst ratings summary and ratings history on Summit Therapeutics plc click here. For more ratings news on Summit Therapeutics plc click here.

Shares of Summit Therapeutics plc closed at $12.98 yesterday.

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