Guggenheim Securities reiterated its Buy rating and $38 price target for Summit Therapeutics plc on Wednesday, citing positive Phase 3 trial data for the company’s experimental drug ivonescimab.
The analyst firm maintained its bullish stance despite Summit’s shares trading at $13.36, down 23.6% year-to-date, and a market capitalization of $10.66 billion. Guggenheim’s price target implies a potential upside of roughly 185% from current levels, though the firm noted it does not expect the company to achieve profitability in 2026.
Ivonescimab, developed in partnership with Akeso Inc., demonstrated superior efficacy in a China-based Phase 3 trial for first-line biliary tract cancer, outperforming a PD-L1 inhibitor combined with chemotherapy across overall response rate, progression-free survival, and overall survival. The trial, designated HARMONi-GI1, met its primary and key secondary endpoints, including progression-free survival and objective response rate.
The drug’s performance was compared against established benchmarks from the TOPAZ-1 and KEYNOTE-966 trials, which set the standard for PD-L1 plus chemotherapy in biliary tract cancer. Ivonescimab has also secured two first-line lung cancer approvals in China based on prior trials where it outperformed PD-L1 inhibitors.
Other analysts adjusted their ratings following the trial results. Bernstein SocGen upgraded Summit Therapeutics from Underperform to Market Perform with a $11.90 price target, while Stifel maintained its Buy rating but lowered its target from $45 to $38. H.C. Wainwright reiterated its Neutral rating.
The analyst price target range for Summit Therapeutics now spans from $11.06 to $42.00, reflecting mixed but cautiously optimistic outlooks amid the clinical progress.
