Citi Asserts Buy Rating on Summit Therapeutics Inc. (SMMT) on Pipeline Development

Summit Therapeutics Inc. (NASDAQ:SMMT) is one of the best biotech stocks to buy according to Wall Street analysts. On December 4, Citi analyst Yigal Nochomovitz reiterated a Buy rating on Summit Therapeutics Inc. (NASDAQ:SMMT) and set a $131.90 price target.

The positive stance follows the Jefferies London Healthcare Conference 2025, during which the company showcased its strategic advancements, including the development of ivonescimab, a novel PD-1/VEGF bispecific antibody. Ivonescimab has already been given to more than 3,000 patients in clinical trials and over 40,000 patients in both commercial and clinical settings, including in China, demonstrating its widespread use.

The Harmony 3 study continues to move forward, with pivotal readouts expected in 2026 and 2027, and a BLA filing for EGFR second-line therapy planned this quarter. Early clinical data have been encouraging. The Harmoni 6 trial reported a hazard ratio of 0.60, a 40% improvement versus standard care in squamous NSCLC, while updated Harmony A results showed an overall survival hazard ratio of 0.74. The squamous cohort of Harmony 3 is more than 80% enrolled and should finish in the first half of 2026, with the non-squamous cohort expected to complete later that year.

Summit has also started a new colorectal cancer study, and its partnership with Revolution Medicine aims to combine ivonescimab with RAS inhibitors, with patient dosing expected to begin early next year. PFS and interim survival readouts planned for 2026 could further support ivonescimab’s potential role in cancer treatment.

With more than $750M in cash from recent financing, the company says it has enough capital to support operations and key milestones for the next 12 to 18 months.

Summit Therapeutics Inc. (NASDAQ:SMMT) is a biopharmaceutical company developing treatments for serious unmet medical needs, primarily in oncology, with its lead drug, ivonescimab, a bispecific antibody.

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