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Guggenheim reiterated a 'Buy' rating and a $38 price target on Summit.
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The Phase 3 trial compared Ivonescimab plus chemotherapy with AstraZeneca's Durvalumab plus chemotherapy as an initial treatment.
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Ivonescimab showed statistically significant and clinically meaningful improvement in overall survival.
Summit Therapeutics (SMMT) remained on investors' radar on Wednesday after Guggenheim said the positive late-stage biliary tract cancer data from China-based Akeso strengthened confidence in Summit's upcoming global Phase 3 lung cancer trials.
Guggenheim reiterated a 'Buy' rating and a $38 price target on Summit, according to Investing.com. This implies over 165% upside potential from current levels.
At the time of writing, SMMT shares were trading 8% higher.
Akeso's Cancer Therapy Outperforms AstraZeneca's Durvalumab
On Tuesday after market hours, Summit's partner Akeso reported positive late-stage data for Ivonescimab in advanced biliary tract cancer, a rare disease affecting the bile ducts and gallbladder. The China-based Phase 3 trial compared Ivonescimab plus chemotherapy with AstraZeneca's Durvalumab plus chemotherapy as an initial treatment.
Ivonescimab showed statistically significant and clinically meaningful improvement in overall survival. It also met key goals for progression-free survival and objective response rate, which measures how many patients experienced tumor shrinkage.
Summit Therapeutics holds the rights to develop and sell Ivonescimab, known as SMT112, across major markets outside China, including the U.S., Canada, Europe, Japan, South America, the Middle East, and Africa.
China Results Strengthen Summit's Case
Guggenheim said the results suggest Ivonescimab offers more than simply combining separate PD-L1 and VEGF drugs. PD-L1 drugs target cancer cells, while VEGF drugs block the signals that tumors use to build new blood vessels for growth.
The firm also said the benefit observed in a metastatic cancer strengthens the case that Ivonescimab's China results may be reproducible elsewhere. Summit is testing the therapy in global trials across lung, colorectal and bladder cancers.
Retail Turns Extremely Bullish
Meanwhile, retail sentiment surrounding SMMT on Stocktwits turned 'extremely bullish' from 'bullish' over the past 24 hours, amid an 187% increase in message volumes.
One user highlighted $15 as the key resistance. It is currently trading at about $14.5.
The stock is down around 17% so far in 2026.
For updates and corrections, email newsroom[at]stocktwits[dot]com.
Arnab Paul has no position in any of the stocks mentioned in this article. StockTwits' news team content is for informational purposes only and is not intended as investment advice. For more, see our editorial policy . This article was originally published on StockTwits .
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