Summit Therapeutics Reaffirmed Buy, $40 Target after FDA BLA Acceptance
Summit Therapeutics’ Biologics License Application for ivonescimab in EGFR-mutated non-small cell lung cancer received FDA acceptance with a PDUFA target date of November 14, 2026. H.C. Wainwright reaffirmed a Buy rating with a $40 price target underpinned by a DCF valuation implying a $34 billion enterprise value.
1. FDA Acceptance of BLA for Ivonescimab
On January 29, FDA accepted Summit Therapeutics’ Biologics License Application for ivonescimab in combination with chemotherapy in EGFR-mutated locally advanced or metastatic non-small cell lung cancer, setting a PDUFA action date of November 14, 2026.
2. H.C. Wainwright Buy Rating and Valuation
H.C. Wainwright reaffirmed a Buy rating on Summit Therapeutics with a $40 per share price target based on a discounted cash flow model that yields an enterprise value of approximately $34 billion using an 8% discount rate and 4% terminal growth rate.
3. Oversold Stock Classification and Upside Potential
The company’s status as one of the most oversold NASDAQ stocks underscores potential share recovery, with FDA de-risking and positive phase III data on ivonescimab viewed as catalysts for value realization.