Summit Therapeutics (SMMT) Grabs Investor Attention After Major FDA Breakthrough

Summit Therapeutics (NASDAQ:SMMT) is one of the 17 biotechnology stocks with more than 50% upside.

As of the close of play on February 12, consensus sentiment around Summit Therapeutics (NASDAQ:SMMT) was moderately bullish. The stock had received coverage from 6 analysts, 4 of whom had assigned Buy ratings and 2 gave Hold calls. With no Sell rating, the stock carries a projected median 1-year price target of $57.98, implying a strong upside of more than 296%.

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Back on January 29, Summit Therapeutics (NASDAQ:SMMT) confirmed that the U.S. FDA had accepted its application for ivonescimab, a lung cancer treatment to be used in combination with chemotherapy in patients who have progressed after targeted therapy. The application is backed by results from the global phase III HARMONi trial data, with November 14, 2026, being the decision date.

The application aims to fill a market gap by catering to 14,000 eligible U.S. patients annually, along with the existing commercial exposure in China through the company’s partnership with Akeso. This positions Summit Therapeutics (NASDAQ:SMMT) to potentially enter the U.S. oncology market if approved.

Summit Therapeutics (NASDAQ:SMMT) is a clinical-stage biopharmaceutical 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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Disclosure: None. This article is originally published at Insider Monkey.