H.C. Wainwright Sticks With Bullish Call on Summit Therapeutics, $44 Target
H.C. Wainwright isn't backing off Summit Therapeutics (NASDAQ: SMMT). On June 2, the firm reaffirmed its Buy rating and maintained a $44 price target, more than double the current $18.21 share price. Analyst targets for the stock now range between $30 and $44.15, with a strong Buy consensus across the board. At a market cap of $13.5 billion, Summit has the attention of the street.
The reason is Ivonescimab. It's Summit's checkpoint inhibitor drug, and Wainwright believes it could end up setting a new standard in treating solid tumors. They focused on recent HARMONi trial results. It's not statistically significant on overall survival, but strong enough on other metrics to keep hopes high.
A close up of a lab technician in a protective suit, working with cells in a petri dish to develop innovative therapeutics for immune-related diseases.
In particular, they pointed to ivonescimab's progression-free survival hazard ratio of 0.52 when paired with chemo. That compares favorably to the 0.8 seen with Merck's KEYTRUDA in the KEYNOTE-789 trial for the same cancer type—TKI-resistant, EGFR-mutated non-small cell lung cancer.
Despite a 30% drop in the stock in the week prior to the price target update, triggered by disappointment over survival stats, Wainwright argued the market is missing the point. No competing drug has hit statistical significance either. They also noted Summit's beta sits at -0.95, which means it tends to move opposite the market, which is something investors might want to consider.
While we acknowledge the potential of SMMT as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock. READ NEXT: The Best and Worst Dow Stocks for the Next 12 Months and 10 Unstoppable Stocks That Could Double Your Money. Disclosure: None.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
39 minutes ago
- Yahoo
Europe's Navigation Future Takes Flight With Rocket Lab Electron
Rocket Lab Corp. (NASDAQ:RKLB) announced Wednesday that the European Space Agency (ESA) chose it to launch a dedicated Electron mission for the first time, marking a key step in Europe's future LEO-based navigation system. Rocket Lab will launch two 'Pathfinder A' satellites, developed by Thales Alenia Space and GMV, from its Launch Complex 1 by December 2025. These satellites will enter a 510km low Earth orbit to test LEO-PNT (Low Earth Orbit Positioning, Navigation, and Timing), a new method for delivering location and timing aims to evaluate how satellites in low Earth orbit can complement the existing Galileo and EGNOS systems in medium and geostationary orbits. Rocket Lab previously supported European clients, including a whole IoT constellation for Kinéis and a wildfire detection satellite for OroraTech. Its Electron vehicle began flying European missions in 2021. In a separate update, the company announced a rapid turnaround in its Electron launch schedule. It is preparing to launch its next mission for geospatial analytics firm HawkEye 360 in just two days from Launch Complex 1 in New Zealand. Scheduled for no earlier than Thursday, June 26 UTC, the mission, titled 'Get The Hawk Outta Here', will fly ahead of a previously planned launch that was delayed for additional system checks. This swift pivot demonstrates Rocket Lab's agility in maintaining a demanding, back-to-back launch cadence. The mission will carry four satellites for HawkEye 360, including three microsats under Cluster 12 to geolocate global radio frequency signals, and Kestrel-0A, an experimental satellite to test future RF capabilities. As the third of four planned Electron launches from Launch Complex 1 this month, the mission highlights Rocket Lab's operational flexibility and commitment to serving diverse small satellite missions. Rocket Lab stock surged 606% in the last 12 months. The company just added two new missions to its 2025 Electron launch manifest. Rocket Lab has now secured a demand for over 20 launches in 2025. With a flawless mission success rate so far this year, CEO Peter Beck is betting big on scaling launch cadence. Multiple analysts lifted price targets on Rocket Lab following the company's acquisition of high-performance optical systems producer Geost. Rocket Lab said the acquisition positioned the company as a provider of end-to-end national security space solutions and strengthened its position for achieving the U.S. Department of Defense's goals for resilient, proliferated space architectures, like the proposed Golden Dome architecture. Price Action: RKLB shares are trading lower by 1.46% to $32.97 premarket at last check Wednesday. Photo by Emagnetic via Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? This article Europe's Navigation Future Takes Flight With Rocket Lab Electron originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
Yahoo
40 minutes ago
- Yahoo
Why the tech trade has more room to run even as the Nasdaq 100 hovers at all-time highs
UBS said investors should stick with tech even as the sector barrels past all-time highs. In the bank's view, AI adoption is still in its early stages and the boom will carry tech higher. "Accelerating AI use is set to drive further monetization across industries," UBS says. The Nasdaq 100 reached a new peak this week, but there's no reason to expect the booming tech trade to take a breath, UBS wrote this week. As President Donald Trump announced a ceasefire agreement between Israel and Iran, the tech-heavy index coasted to a record closing high on Tuesday. The Nasdaq's recent gains have been propelled by rallies in top chip makers like Advanced Micro Devices, Broadcom, and Nvidia, three artificial intelligence leaders that have spent the last month moving steadily higher. These companies' ability to withstand volatile market conditions and continue making progress has caught the attention of top commentators. Investor and former Pimco exec Bill Gross recently predicted a "little bull market" for stocks, citing the dominance of the AI market. Now, UBS says investors should stick with the tech trade, as the AI party is still just kicking off and AI adoption is accelerating. Citing data from a recent Census Bureau survey on the use of AI in the workplace, UBS said use of the technology is rising steadily. "AI adoption rates rose to 9.2% in the second quarter of this year, from 7.4% in the previous three-month period and 5.7% in the December 2024 quarter," states the report. "This means AI adoption is likely to soon cross the 10% threshold that took US e-commerce 24 years to reach." UBS highlights the example of Amazon Q, a virtual assistant powered by generative AI that is reportedly "saving around USD 260mn every year through coding assistants." It also notes that 20%-30% of Microsoft's coding is completed by AI and that PayPal uses AI to handle 80% of its customer service interactions. In addition, the report highlights the benefits of utilizing AI in healthcare. Its authors note that it has proven highly effective in areas such as detecting abnormal tissues that might have previously been overlooked. All of this suggests that AI adoption is likely to increase in the near future, paving the way for the sector's leading stocks to continue rising. "We believe a peak in overall AI adoption is still a long way off, and accelerating AI use is set to drive further monetization across industries," UBS states. Read the original article on Business Insider
Yahoo
an hour ago
- Yahoo
RBC Capital Markets Downgrades Sunrun (RUN) PT to $5 Over Recent US Senate Proposal
Sunrun Inc. (NASDAQ:RUN) is one of the best small cap tech stocks with biggest upside potential. On June 18, RBC Capital Markets downgraded Sunrun from Outperform to Sector Perform and halved its price target from $12 to $5. The adjustment was prompted by concerns over a recent US Senate proposal that signals the potential elimination of Section 25D residential solar leasing tax credits. While the proposed Senate reconciliation bill preserves tax credits for battery storage, which accounts for ~70% of Sunrun's installations, the solar portion of these systems, which represents less than 30% of the installation value, would no longer qualify for subsidies. RBC analysts believe that without these subsidies, Sunrun's offerings may struggle to compete with conventional utilities across most US regions. A field of solar panels glistening in the afternoon sun, symbolizing the company's renewable energy ambitions. This competitive disadvantage could only be mitigated by declines in interest rates or system costs, or increases in utility prices. RBC also highlighted the elevated soft costs in the US solar market, including high sales and marketing expenses, permitting fees, and overheads. Still, the company was able to generate $56 million in cash in Q1 2025, which marked its 4th consecutive quarter of positive cash generation. Sunrun Inc. (NASDAQ:RUN) designs, develops, installs, sells, owns, and maintains residential solar energy systems in the US. While we acknowledge the potential of RUN as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the . READ NEXT: and . Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
