Jefferies upgrades Summit Therapeutics to "buy", shares up
SMMT•Jefferies upgrades Summit Therapeutics on lung cancer trial outlook
** Shares of Summit Therapeutics SMMT.O rise 3.4% to $17.86 premarket
** Jefferies upgrades the stock to "buy" from "hold" and raises its price target to $25 from $15 ahead of late-2026 progression-free survival (PFS) data from the company's late-stage lung cancer trial
** New PT represents 44.7% upside to stock's last close
** "We think PFS likely to hit stats barring outlier degradation from China to global trial and most scenarios drive confidence in a downstream overall survival win" - Jefferies
** Brokerage says positive overall survival results from several ivonescimab studies have increased its confidence in the drug and strengthened the case for its PD-1/VEGF mechanism
** Jefferies says risks around translating results from China studies to global trials appear limited and sees ivonescimab's first-in-class status supporting future value
** Twelve of 18 brokerages rate the stock "buy" or higher, 6 "hold"; their median PT is $32 - LSEG data
** As of last close, stock down 1.2% YTD
