Guggenheim Securities reiterated its Buy rating on Summit Therapeutics Inc. (NASDAQ: SMMT) on Wednesday, maintaining a price target of $38.00 as the firm cited positive Phase 3 trial results for the company’s bispecific antibody ivonescimab.
The analyst’s stance comes as Summit’s shares trade at $13.36, down 23.6% year-to-date, with a market capitalization of $10.66 billion. Guggenheim’s target implies 184% upside from current levels, though it remains within a broader analyst range of $11.06 to $42.00.
The Phase 3 HARMONi-GI1 trial, conducted by partner Akeso Inc. in China, evaluated ivonescimab as a first-line treatment for biliary tract cancer. Results showed the drug surpassed a PD-L1 inhibitor combined with chemotherapy across overall response rate, progression-free survival, and overall survival. These outcomes follow earlier Phase 1/2 data suggesting ivonescimab plus chemotherapy outperformed standard-of-care benchmarks established in trials such as TOPAZ-1 and KEYNOTE-966 for lung cancer.
Guggenheim noted the trial results bolster confidence in Summit’s upcoming global Phase 3 first-line lung cancer studies, reinforcing the reproducibility of prior efficacy signals observed in China. The firm did not alter its guidance or revenue projections but emphasized the clinical significance of the data in expanding ivonescimab’s potential indications.
Peer adjustments accompanied Guggenheim’s reiteration. Bernstein SocGen raised its price target to $11.90 from $11.06 and upgraded Summit to Market Perform from Underperform. Stifel lowered its target to $38 from $45 while maintaining a Buy rating. The divergent views underscore ongoing debate over Summit’s valuation despite the positive trial outcomes.
