H.C. Wainwright Reaffirms Price Target for Summit Therapeutics (SMMT) After Ivonescimab Milestones

Summit Therapeutics Inc. (NASDAQ:SMMT) ranks among the best biotech stocks to buy. On September 16, H.C. Wainwright reaffirmed its $50 price target and Buy rating for Summit Therapeutics Inc. (NASDAQ:SMMT). The firm emphasized that Summit’s ivonescimab, a PD-1 x VEGF bispecific antibody, has accomplished clinical milestones that are unprecedented in PD-1 medicines, including improved results in the HARMONi-2 trial conducted in China.

H.C. Wainwright believes that investors now have a “highly risk-mitigated entry point” due to misconceptions about disclosure sequencing, regional variations in hazard ratios, and skepticism about multi-regional comparability.

The firm noted that HARMONi-2 overall survival and HARMONi-6 squamous non-small cell lung cancer outcomes, among other future data readouts expected by year-end 2025, might “reset the PD-1 landscape” and propel Summit’s stock price over all-time highs.

Summit Therapeutics Inc. (NASDAQ:SMMT) is a biopharmaceutical company that specializes in creating novel medications for infectious and cancerous diseases.

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Disclosure: None. This article is originally published at Insider Monkey.