UBS has confirmed a "Buy" rating for Summit Therapeutics plc (NASDAQ: SMMT) shares with a target price of $33.00. The shares are currently trading at $17.36, suggesting an upside potential of nearly 90% to UBS's target. Analyst target prices range from $10.95 to $41.50, with consensus leaning towards a positive assessment. The bank maintained its position after presenting full data from the HARMONi-2 and HARMONi studies at the WCLC conference on Tuesday: they provided detailed insights into Kaplan-Meier curves and subgroup analyses for the candidate drug.
UBS stated that the complete data set continues to confirm the efficacy of ivonescimab in PD-L1+ NSCLC and EGFR+ NSCLC. According to InvestingPro, five analysts have revised their earnings forecasts upward. Summit shares are under coverage by UBS analyst David Day.
Among other events: Jefferies upgraded Summit Therapeutics to "Buy" from "Hold," raising the target price to $25, citing confidence in upcoming progression-free survival data from the H3 study, expected at the end of 2026. UBS emphasized the significance of HARMONi-3 results in squamous non-small cell lung cancer – they could impact other major pharmaceutical manufacturers. Summit shares also rose following the publication of positive overall survival results in a Phase III lung cancer study conducted by the company's partner – Akeso Inc. The study showed a statistically significant advantage of ivonescimab monotherapy over pembrolizumab monotherapy in terms of survival. Cantor Fitzgerald maintained an "Outperform" rating, drawing parallels with Moderna regarding investor skepticism despite promising clinical data.
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