Summit Therapeutics price target raised to $40 from $25 at Stifel

Stifel raised the firm’s price target on Summit Therapeutics to $40 from $25 and keeps a Buy rating on the shares. While investor attention is “rightfully focused” on the results from HARMONi-2, the head-to-head trial of ivonescimab versus pembrolizumab, several other meaningful data disclosures at WCLC24 and ESMO24 for the PD-(L)1/VEGF class across several solid tumor types “should not be overlooked,” says the analyst, who increased the firm’s view of the odds of success for all indications following the breadth of PD(L)1/VEGF data at ESMO24.