Summit Therapeutics PLC (NASDAQ:SMMT) has been upgraded to a ‘Buy’ rating by Citi analysts who are optimistic about the company’s HARMONi-2 trial of ivonescimab in non-small cell lung cancer.
Citi also boosted its price target to $35. Shares of Summit traded hands at $20 late morning on Wednesday.
The analysts wrote that they have a strong conviction HARMONi-2 has an approximately 70% chance of generating a favorable readout on overall survival, expected at the end of 2025.
“Assuming overall survival validation, Summit’s ivonescimab would be close to being cemented as a paradigm-shifting therapy in non-small cell lung cancer and be well on its way to opening the floodgates for a new era in immunotherapy,” they wrote.
However, the analysts also urged caution around the HARMONi-2 data readout.
Citi’s analysts had previously downgraded Summit to a ‘Neutral’ in the third quarter of 2024 citing a less favorable risk reward profile following a positive stock re-rating.