Summit Therapeutics (SMMT, Financial) announced that Akeso has achieved a significant milestone in its Phase III clinical trial, known as HARMONi-6. This study focused on evaluating ivonescimab in combination with platinum-based chemotherapy against the combination of tislelizumab, a PD-1 inhibitor, with the same chemotherapy. The trial targeted patients with locally advanced or metastatic squamous non-small cell lung cancer (NSCLC), without regard to PD-L1 expression levels.
The HARMONi-6 trial is a single region, multi-center study conducted in China, sponsored by Akeso, which managed all aspects of data generation, management, and analysis. According to an interim analysis by an Independent Data Monitoring Committee, the combination of ivonescimab and chemotherapy showed a statistically significant and clinically meaningful improvement in progression-free survival (PFS) compared to tislelizumab and chemotherapy. This benefit was evident in patients with both PD-L1-positive and PD-L1-negative tumors. Importantly, no new safety issues were identified in the trial.
Summit Therapeutics is also involved in its own Phase III clinical trial, HARMONi-3, which is currently enrolling participants. This study aims to assess the effectiveness of ivonescimab with chemotherapy against pembrolizumab, another anti-PD-1 antibody, with chemotherapy in patients with first-line metastatic squamous and non-squamous NSCLC. Summit plans to present the full data set from the HARMONi-6 trial at a major medical conference later this year.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 9 analysts, the average target price for Summit Therapeutics Inc (SMMT, Financial) is $31.00 with a high estimate of $44.00 and a low estimate of $5.00. The average target implies an upside of 13.35% from the current price of $27.35. More detailed estimate data can be found on the Summit Therapeutics Inc (SMMT) Forecast page.
Based on the consensus recommendation from 10 brokerage firms, Summit Therapeutics Inc's (SMMT, Financial) average brokerage recommendation is currently 1.7, indicating "Outperform" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for Summit Therapeutics Inc (SMMT, Financial) in one year is $0.39, suggesting a downside of 98.57% from the current price of $27.35. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the Summit Therapeutics Inc (SMMT) Summary page.
