Jefferies upgraded Summit Therapeutics (SMMT) to Buy from Hold. Analysts raised the price target for the biopharmaceutical company from $15 to $25. Shares rose 5.8% in premarket trading on September 9, 2026.
The upgrade precedes critical progression-free survival (PFS) data for ivonescimab expected in late 2026. Jefferies believes the upcoming PFS data will likely achieve statistical significance. Success in this trial would increase confidence in future overall survival outcomes. The firm cited positive data from other trials as evidence for the drug's mechanism of action.