Summit Therapeutics shares jump after Jefferies upgrade to Buy

Summit Therapeutics PLC (NASDAQ:SMMT) saw its shares rise 5.8% in Wednesday's premarket session following a Jefferies upgrade from Hold to Buy and a price-target hike to $25 from $15.

The rating action precedes the company's H3 progression-free survival (PFS) data, which is expected in late 2026. Jefferies analyst Faisal Khurshid stated that the firm anticipates PFS to reach statistical significance, unless an outlier degradation from the China portion affects the global trial; under most scenarios, this underpins confidence in a subsequent overall survival (OS) benefit.

Khurshid noted that the firm's examination of statistical methodologies and China-versus-global data comparisons indicates a likely PFS hazard ratio of 0.65-0.70, pointing to an OS victory in the first half of 2027; even a ratio below 0.75 would still be considered a win.

Khurshid remarked that Jefferies has confidence in the drug's mechanism of action, citing positive OS results from the H6, H2, and H-GI1 trials, and contends that ivonescimab's first-in-class designation should generate value.

A biopharmaceutical firm, Summit Therapeutics is committed to advancing novel medicines for patients facing unmet medical needs.

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