Summit Therapeutics: JMP Securities Raises PT to $40, Maintains Market Outperform Rating

Summit Therapeutics: JMP Securities Raises PT to $40, Maintains Market Outperform Rating

JMP Securities has reiterated its Market Outperform rating and raised its price target to $40.00 for Summit Therapeutics plc (NASDAQ: SMMT), according to a research note published on July 2, 2025. This decision aligns with the broader analyst consensus, as InvestingPro data shows analyst targets ranging from $12.09 to $43.88, with three analysts recently revising earnings estimates upward [1].

The firm's decision follows Summit’s recent second-quarter 2025 earnings report and corporate updates, which included news that the company has begun enrolling patients in its HARMONi-3 and HARMONi-7 Phase 3 clinical trials. JMP highlighted several upcoming catalysts for Summit, including HARMONi top-line results expected at the World Conference on Lung Cancer (WCLC) 2025 and potential HARMONi-2 overall survival data anticipated by year-end 2025 or early 2026 [1].

The research firm noted Summit’s strong cash position of $297.9 million and expressed confidence in the company’s leadership team as factors supporting its positive outlook on the stock. JMP’s analysis suggests Summit shares present an investment opportunity with approximately 36% downside risk ($17 bear case) and approximately 75% upside potential ($46 bull case) from current levels. The stock has demonstrated strong momentum, with InvestingPro showing an impressive 114% return over the past year [1].

In other recent news, Summit Therapeutics has seen several notable developments. The company maintained its Buy rating and a $44.00 price target at H.C. Wainwright following a collaboration agreement with Revolution Medicines. This partnership will focus on developing combinations of Revolution’s clinical-stage RAS(ON) inhibitors with Summit’s ivonescimab. Meanwhile, Evercore ISI raised its price target for Summit Therapeutics to $34.00, maintaining an Outperform rating. Cantor Fitzgerald reiterated an Overweight rating, noting a shift in management’s openness to 50/50 partnership structures. UBS initiated coverage on Summit with a Buy rating and a $30.00 price target, highlighting the potential of Summit’s lead cancer drug candidate, ivonescimab, which could see peak sales exceeding $7 billion. Clear Street also initiated coverage with a Buy rating and a $30.00 price target [1].

According to MarketBeat, based on 14 Wall Street analysts who have issued ratings for Summit Therapeutics in the last 12 months, the stock has a consensus rating of "Moderate Buy." The average price target for Summit Therapeutics is $35.00, with a high forecast of $44.00 and a low forecast of $12.00. The consensus among Wall Street analysts is that investors should "moderate buy" SMMT shares [2].

References:
[1] https://www.investing.com/news/analyst-ratings/summit-therapeutics-stock-rating-reiterated-at-market-outperform-by-jmp-93CH-4199351
[2] https://www.marketbeat.com/stocks/NASDAQ/SMMT/forecast/