Latest news with #checkpointinhibitor
Yahoo
12 hours ago
- Business
- Yahoo
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.
Yahoo
12 hours ago
- Business
- Yahoo
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. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
