Summit Therapeutics Inc. (SMMT): Phase 3 ivonescimab data in the spotlight at ESMO and beyond

Goldman Sachs maintains a Buy rating on Summit Therapeutics (SMMT) with a 12-month price target of $43, implying 184.2% upside versus the $15.13 share price. Partner Akeso will present full Phase 3 HARMONi-GI1 (China-only) data for the PD-1xVEGF bispecific ivonescimab plus gemcitabine/cisplatin in advanced biliary tract cancer as a late-breaker during Presidential Symposium II at ESMO on October 25, following a positive topline showing a statistically significant and clinically meaningful benefit on the overall survival primary endpoint as well as on key secondary PFS and ORR endpoints. Prior Phase 2 data showed a median OS of 16.8 months, well above the 12.9 months expected with Imfinzi plus chemotherapy in TOPAZ-1. The result marks ivonescimab's first Phase 3 OS win outside lung cancer and supports the broader GI strategy;