Summit Therapeutics

SMMT · NASDAQ

$16.09+$0.52 (+3.34%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $15.57

SMMT analyst rating

HoldConsensus of 12 analysts over the last 12 months. 42% rate it a buy.

Strong buy0
Buy5
Hold7
Underperform0
Sell0

12-month price target · 16 analysts

Average $30.52 (+89.7% upside)

Low: $12.02
Now: $16.09
High: $45.15

Upgrades and downgrades

The latest rating actions, newest first

SMMT analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Barclays	Oct 1, 2026	Maintains	Equal-Weight	$18.00 → $20.00	46%
Citigroup	Sep 29, 2026	Maintains	Buy	$40.00 → $43.00	42%
HC Wainwright & Co.	Sep 23, 2026	Maintains	Neutral	—	32%
Jefferies	Sep 9, 2026	Upgrade	Hold → Buy	$15.00 → $25.00	58%
HC Wainwright & Co.	Aug 26, 2026	Maintains	Neutral	—	32%
Bernstein	Aug 25, 2026	Upgrade	Underperform → Market Perform	$9.80 → $11.90	50%
HC Wainwright & Co.	Aug 18, 2026	Maintains	Neutral	—	32%
Leerink Partners	Aug 12, 2026	Upgrade	Underperform → Market Perform	$12.00 → $13.00	38%
Stifel	Jul 24, 2026	Maintains	Buy	$45.00 → $38.00	43%
Guggenheim	Jul 24, 2026	Maintains	Buy	$40.00 → $38.00	46%

The case for and against

Updated Oct 15, 2026

Bull case

Summit Therapeutics is positioned attractively because the competitive backdrop still leaves room for differentiated clinical data if it can prove ivonescimab-based combinations are both effective and tolerable. Merck’s ownership of sac-TMT and MK-2010, along with positive Phase 3 KEYTRUDA + sac-TMT data and ongoing PD-1xVEGF work, raises the bar for efficacy, but also reinforces that the market is large enough to reward a clearly better profile. The main fundamental hurdle is safety, as Grade ≥3 TRAEs of 29.4% versus 15.6% in HARMONi-2 and 55.3% versus 31.4% with sac-TMT + pembrolizumab suggest meaningful toxicity risk, yet successful randomized evidence could materially strengthen the investment case.

Bear case

Summit Therapeutics is facing a weak fundamental backdrop because the investment case still hinges on unproven competitive positioning for ivonescimab, while the company has no value assigned to bladder cancer and only partial approval probabilities across NSCLC, TNBC, CRC, and HNSCC. The April outcome appears more concerning because H-3 has yet to replicate H-6’s early PFS separation in the global study, the added 2Q26 interim analysis was removed, and final PFS is now expected in 2H26, delaying clarity on differentiation versus KEYTRUDA + chemo. The risk profile is further pressured by a November 14, 2026 FDA decision, the possibility that sac-TMT fails to translate China efficacy globally or combine cleanly with KEYTRUDA, and continued equity dilution risk.

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