SMMT Stock Heads For Third Straight Weekly Drop – Analyst Tempers Expectations From Initial Lung Cancer Trial Survival Data

The biotech firm stated that enrollment in both the squamous and non-squamous cohorts in its Harmoni-3 trial to treat metastatic non-small cell lung cancer is complete.

• Summit expects the squamous arm of the trial to reach the required number of events for its main progression-free survival analysis in the second half of 2026.
• For the non-squamous arm, the trial is expected to reach the required PFS events in the first half of 2027.
• Stifel lowered its price target to $38 from $45 but maintained a ‘Buy’ rating, according to The Fly.

Shares of Summit Therapeutics (SMMT) drew investor attention on Friday after H.C. Wainwright stated it ‘senses reduced expectations’ from what the initial overall survival (OS) readout from the company’s Phase 3 lung cancer trial can establish, while multiple Wall Street firms also trimmed their price targets.

SMMT stock tumbled nearly 7% on Friday, putting it on track for a third consecutive weekly loss.

Harmoni-3 Trial Enrolment Completed

Summit’s global Harmoni-3 trial is evaluating Ivonescimab plus chemotherapy as a first-line treatment for metastatic non-small cell lung cancer (NSCLC), with separate squamous and non-squamous cohorts.

The biotech firm stated that enrollment in both the squamous and non-squamous NSCLC cohorts is complete. It expects the squamous arm of the Harmoni-3 trial to reach the required number of events for its main progression-free survival (PFS) analysis in the second half of 2026, alongside an initial OS analysis. For the non-squamous arm, the trial is expected to reach the required PFS events in the first half of 2027.

Wall Street Lowers Price Target On SMMT

While H.C. Wainwright reiterated its ‘Neutral’ rating without a price target, Stifel lowered its price target to $38 from $45 but maintained a ‘Buy’ rating, according to The Fly. Stifel added “timing is the nuance here,” noting that the Harmoni-3 trial will need more time to accumulate sufficient survival data and is not expected to reach full maturity until 2027.

Meanwhile, Guggenheim analyst Brad Canino lowered the price target on SMMT to $38 from $40 while maintaining a ‘Buy’ rating, noting that public release of the topline results could be delayed until early 2027.

The stock has a consensus 12-month price target of $28.64, according to data on Koyfin. Of the 17 analysts covering the stock, 10 have a ‘Buy’ rating, five have a ‘Hold’, and two have a ‘Sell.’

SMMT Sentiment Remains Extremely Bullish

Retail sentiment surrounding SMMT on Stocktwits remained ‘extremely bullish’ over the past 24 hours, amid ‘extremely high’ message volumes.

The stock has shed over 20% of its value so far this year.

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