Citi Asserts Buy Rating on Summit Therapeutics Inc. (SMMT) on Pipeline Development

Group 1 - Summit Therapeutics Inc. (NASDAQ:SMMT) is recognized as a promising biotech stock by Wall Street analysts, with a Buy rating and a price target of $131.90 set by Citi analyst Yigal Nochomovitz [1][2] - The company is advancing its pipeline, particularly with ivonescimab, a novel PD-1/VEGF bispecific antibody, which has been administered to over 3,000 patients in clinical trials and more than 40,000 patients in various settings [2][4] - The Harmony 3 study is progressing, with pivotal readouts anticipated in 2026 and 2027, and a Biologics License Application (BLA) filing for EGFR second-line therapy planned for this quarter [3][4] Group 2 - Summit has initiated a new colorectal cancer study and is collaborating with Revolution Medicine to combine ivonescimab with RAS inhibitors, with patient dosing expected to start early next year [4] - The company has over $750 million in cash from recent financing, providing sufficient capital to support operations and key milestones for the next 12 to 18 months [4][5] - Summit Therapeutics focuses on developing treatments for serious unmet medical needs, primarily in oncology, with ivonescimab as its lead drug [5]