JMP Securities initiated protection on Summit Therapeutics Inc. SMMT, noting the corporate’s preliminary deal with infectious illness. Later, in 2022, the corporate pivoted to oncology and in-licensed ivonescimab (PD-1 X VEGF bispecific) from Akeso for $500 million upfront and $5 billion in potential milestones.
The analyst says, “We consider Summit shares symbolize a novel funding alternative.”
Additionally Learn: Merck/Daiichi Sankyo Partnered Lung Most cancers Candidate Meets Main Objective In Late-Stage Examine
JMP notes regardless of the unbelievable scientific and business success of Merck & Co. Inc’s MRK Keytruda (pembrolizumab) and Bristol Myers Squibb & Co’s BMY Opdivo (nivolumab), ivonescimab appears as if a formidable opponent has appeared providing greater response charges and an extended median progression-free survival.
In September, Summit Therapeutics launched knowledge from the first evaluation of the Part 3 HARMONi-2 trial of ivonescimab performed in China.
Ivonescimab monotherapy demonstrated a statistically vital enchancment within the trial’s main endpoint, progression-free survival, in comparison with monotherapy pembrolizumab, attaining a hazard ratio (HR) of 0.51.
JMP initiated Summit Therapeutics with a Market Outperform score and a worth goal of $32.
The analyst additionally notes that whereas the general survival knowledge are nonetheless in progress, Ivonescimab has a robust probability of exhibiting an total survival benefit over pembrolizumab in first-line non-small cell lung most cancers in a future knowledge replace.
The analyst notes that with quite a few world Part 3 research in progress and robust head-to-head knowledge for monotherapy, Summit is positioned to doubtlessly commercialize its remedy within the extra focused EGFRm and first-line NSCLC affected person teams.
If profitable, this might result in an estimated $17.9 billion in peak world income upon potential entry into the first-line NSCLC market by 2034.
Worth Motion: SMMT inventory is up 5.33% at $20.00 eventually verify Monday.
Photograph through Shutterstock
Learn Subsequent:
Market Information and Knowledge dropped at you by Benzinga APIs
© 2024 Benzinga.com. Benzinga doesn’t present funding recommendation. All rights reserved.
