Encouraging Guidance on Clinical Program Makes Summit Therapeutics (SMMT) Look Attractive

Summit Therapeutics (NASDAQ:SMMT) is one of the best large cap stocks under $100 with huge upside potential.

On January 14, H.C. Wainwright analyst Mitchell Kapoor reaffirmed his optimistic outlook on Summit Therapeutics (NASDAQ:SMMT). He assigned a Buy rating to the stock with a $40 price target, resulting in an upside of nearly 143%.

Kapoor’s rating comes at the back of the company’s submission of Biologics License Application (BLA), relating to ivonescimab clinical program. He emphasized that in the short-run, stock performance will be driven by ivonescimab’s survival data in the HARMONi-2 trial, and not so much by the regulatory filing mechanics in EGFR-mutated NSCLC.

On January 13, Citizens also maintained its Market Outperform rating on Summit Therapeutics (NASDAQ:SMMT), with a $40 price target. The rating was based on the company’s recent guidance on ivonescimab clinical program, and submission of its first Biologics License Application (BLA).

Besides that, Citizens also highlighted the company’s recent announcement to collaborate with GSK for the evaluation of ivonescimab in combination with GSK-227. This evaluation will be conducted in solid tumors, which will help expand the utilization of its lead drug candidate.

Summit Therapeutics (NASDAQ:SMMT) is a clinical-stage biopharma company that develops and commercializes medical oncology therapies. It is focused on developing ivonescimab, a bispecific antibody that combines blockade of PD-1 and anti-angiogenesis in a single molecule. It is also running Phase III clinical trials for the treatment of non-small lung cancer.

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