1. Summit Therapeutics Inc. (NASDAQ:SMMT)
Summit Therapeutics Inc. (NASDAQ:SMMT) is one of the 10 best large cap stocks under $30 with highest upside potential.
On May 31, Summit Therapeutics Inc. (NASDAQ:SMMT) presented new clinical data from the international Phase II AK112-206 trial during the American Society of Clinical Oncology. Co-sponsored alongside Akeso, this multisite study evaluates the potential first-in-class bispecific antibody named ivonescimab, for patients battling first-line metastatic colorectal cancer.
According to the study, treatment-naive patients in the U.S. and China receiving this novel therapeutic in combination with standard mFOLFOX6 chemotherapy showed a strong objective response rate of 70.8%. When compared to the previous performance of standard-of-care regimens that mix bevacizumab with traditional FOLFOX chemotherapy, it is seen that these clinical outcomes are quite promising.
On May 1, the price target on Summit Therapeutics Inc. (NASDAQ:SMMT) was cut from $17 to $16 by Piper Sandler. The firm retained a Neutral rating on the stock. According to the company’s first-quarter earnings report, the projected quarter two preliminary PFS analysis was completed and approved by the IDMC, which suggested that the research should proceed as scheduled.
Despite little alpha expended in the interim, Summit shares are “understandably weak” after-hours, according to the firm, as investors wonder if the remarkable effect size seen in Akeso’s HARMONi-6 can be repeated in Summit’s worldwide HARMONi-3 trial.
Summit Therapeutics Inc. (NASDAQ:SMMT) is a clinical-stage biopharma company that develops and commercializes medical oncology therapies. It is focused on developing ivonescimab, a bispecific antibody that combines blockade of PD-1 and anti-angiogenesis in a single molecule. It is also running Phase III clinical trials for the treatment of non-small lung cancer.
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