The Bull Case For Summit Therapeutics (SMMT) Could Change Following Ivonescimab’s HARMONi-3 Phase 3 Spotlight - Learn Why

• Cantor Fitzgerald recently reiterated its Overweight rating on Summit Therapeutics while Barclays upgraded the stock to Equalweight, spotlighting ivonescimab’s planned late-2025 Biologics License Application submission and the pivotal global phase 3 HARMONi-3 lung cancer study expected in 2026.
• These endorsements underscore how ivonescimab and the HARMONi-3 program have moved to the center of the biotech conversation around late-stage oncology assets.
• With Summit Therapeutics’ shares recently advancing, we’ll examine how the spotlight on the HARMONi-3 phase 3 trial could reshape its investment narrative.

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What Is Summit Therapeutics' Investment Narrative?

To own Summit Therapeutics today, you have to believe ivonescimab can turn a cash-burning, pre-revenue biotech into a future commercial oncology player, with HARMONi, HARMONi-3 and the CRC program all lining up behind that story. The recent Cantor reiteration and Barclays upgrade reinforce that the near-term narrative is now tightly focused on the late-2025 BLA filing and the 2026 HARMONi-3 readout, which both firms frame as major inflection points. That attention may amplify share-price sensitivity to any delay, safety concern or weaker-than-hoped efficacy signal. At the same time, Summit’s sizeable recent losses, rich price-to-book multiple and reliance on external capital remain front and center, even after the US$500 million private placement improved liquidity. In other words, the catalysts are clearer, but so is the execution bar.

However, investors should not overlook how rising losses could interact with any trial setbacks. Summit Therapeutics' shares have been on the rise but are still potentially undervalued. Find out how large the opportunity might be.

Exploring Other Perspectives

Six Simply Wall St Community fair value views span roughly US$15.84 to US$158.35 per share, showing just how far apart opinions sit. Set that against the heavy current losses and trial-dependent story, and you can see why many participants are weighing both blockbuster potential and the risk of prolonged unprofitability.

Explore 6 other fair value estimates on Summit Therapeutics - why the stock might be worth 11% less than the current price!

Build Your Own Summit Therapeutics Narrative

Disagree with this assessment? Create your own narrative in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Summit Therapeutics research is our analysis highlighting 2 key rewards and 2 important warning signs that could impact your investment decision.
• Our free Summit Therapeutics research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Summit Therapeutics' overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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