Analysts Eye Summit Therapeutics' Ivonescimab As Potential Challenger To Merck's Keytruda in Lung Cancer Treatment
Portfolio Pulse from Vandana Singh
Stifel initiated coverage on Summit Therapeutics (SMMT) with a Buy rating and a price target of $8, highlighting ivonescimab's potential in lung cancer treatment. Ivonescimab, in phase 3 trials, could challenge Merck's (MRK) Keytruda. Akeso out-licensed ivonescimab to Summit for up to $5 billion. Positive phase 1/2 data and strategic trial designs boost confidence in ivonescimab's success. SMMT shares rose 13.7% to $3.73.
March 26, 2024 | 6:36 pm
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NEUTRAL IMPACT
Ivonescimab, developed by Summit Therapeutics and out-licensed from Akeso, is positioned as a potential challenger to Merck's Keytruda in lung cancer treatment, with phase 3 trials underway.
While ivonescimab is positioned as a potential competitor to Merck's Keytruda, the actual impact on MRK's stock in the short term is uncertain due to the existing market dominance of Keytruda and the timeline for ivonescimab's phase 3 trial results.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Stifel initiated coverage on Summit Therapeutics with a Buy rating and a price target of $8, focusing on ivonescimab's potential in lung cancer treatment. Positive phase 1/2 data and strategic trial designs boost confidence in its success.
Stifel's initiation of coverage with a Buy rating and a positive outlook on ivonescimab's potential in lung cancer treatment, along with a significant deal with Akeso, are likely to boost investor confidence and potentially increase SMMT's stock value in the short term.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100