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. Rare earth metals are an input to most high-tech devices, military and defence systems and electric vehicles. The global race is on to secure supply of these critical minerals. Beat the pack to uncover the 34 best rare earth metal stocks of the very few that mine this essential strategic resource.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 PerspectivesSMMT 1-Year Stock Price Chart 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 NarrativeDisagree 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.Want Some Alternatives?Right now could be the best entry point. These picks are fresh from our daily scans. Don't delay:AI is about to change healthcare. These 29 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10b in market cap - there's still time to get in early.This technology could replace computers: discover 28 stocks that are working to make quantum computing a reality.The best AI stocks today may lie beyond giants like Nvidia and Microsoft. Find the next big opportunity with these 24 smaller AI-focused companies with strong growth potential through early-stage innovation in machine learning, automation, and data intelligence that could fund your retirement. 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.Mobile Infrastructure for Defense and DisasterThe next wave in robotics isn't humanoid. Its fully autonomous towers delivering 5G, ISR, and radar in under 30 minutes, anywhere.Get the investor briefing before the next round of contractsSponsored On Behalf of CiTech