Summit Therapeutics (NASDAQ:SMMT) shares rose 5.8% in premarket trading on Wednesday after Jefferies upgraded the biopharmaceutical company to Buy from Hold and increased its price target to $25 from $15.
The upgrade comes ahead of progression-free survival data from the company’s H3 study, which are expected later in 2026 and represent an important upcoming clinical catalyst for ivonescimab.
Jefferies analyst Faisal Khurshid said the firm expects the progression-free survival results to achieve statistical significance unless there is an unusually large deterioration between results observed in China and those from the global study.
According to the analyst, most potential outcomes would also increase confidence in ivonescimab ultimately demonstrating an overall survival benefit.
Jefferies sees potential for overall survival success
Jefferies’ assessment of the statistical plan and comparisons between Chinese and global trial data indicates that a progression-free survival hazard ratio of between 0.65 and 0.70 is a likely outcome.
The firm believes a hazard ratio below 0.75 would still represent a positive result and sees the potential for an overall survival win during the first half of 2027.
Khurshid also pointed to previous positive overall survival results from the H6, H2 and H-GI1 studies as supporting Jefferies’ confidence in ivonescimab’s mechanism of action.
The analyst believes the drug’s first-in-class positioning could provide additional value if upcoming clinical results support its efficacy profile.
The combination of the higher price target, upgraded recommendation and expectations surrounding upcoming H3 data supported the rise in Summit Therapeutics shares ahead of Wednesday’s market open.
More about Summit Therapeutics
Summit Therapeutics is a biopharmaceutical company focused on developing medicines for diseases with significant unmet medical needs.
Its development portfolio is centred on ivonescimab, an investigational therapy being evaluated across multiple oncology indications. The company is conducting clinical studies intended to assess the treatment’s potential to improve progression-free and overall survival outcomes.
Summit Therapeutics stock price
