Summit Therapeutics plc (SMMT) PT Raised to $25 at Stifel

Stifel analyst Brad Canino raised the price target on Summit Therapeutics plc (NASDAQ: SMMT) to $25.00 (from $14.00) while maintaining a Buy rating.

The analyst commented: "The HARMONi-2 data address the two widely debated ivonescimab questions: (1) Is the ivonescimab bispecific different from co-administered PD-[L]1+VEGF antibodies, (2) Will ivonescimab report positive OS versus PD-[L]1 antibodies. We think the 0.51 PFS HR versus Keytruda will begin to convince more investors the answer to those questions is yes, and when the 2023 PD-[L]1 TAM is ~$50bn and still growing the upside potential for SMMT is significant. Management's view is that lung cancer is just the beginning. They expect to unveil a broad development plan that will point to peak revenue by early 2030s, have patents to ~2040, and own rights to any next-generation ivonescimab. Additionally, the strong ivonescimab safety data showing reduced VEGF-related toxicity like bleeding (based now on 1,800 patients) has the profile to capture a broad opportunity. Our new TP of $25 includes added 1L nonsquamous NSCLC sales accounting for price and duration benefit versus Keytruda."

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