Shares of Summit Therapeutics (NASDAQ: SMMT) had jumped 14.3% at 11:31 a.m. ET on Tuesday. The nice gain came after reports that H.C. Wainwright analyst Mitchell Kapoor maintained a "buy" rating for the stock with a 12-month price target of $44.

Kapoor's target price reflects an upside potential for Summit of over 100%. Other Wall Street analysts are also bullish about the biotech stock, although not to the same extent. The average price target for Summit is roughly 52% above the current share price.

This latest analyst recommendation underscores great expectations for Summit. The company is evaluating its experimental immunotherapy ivonescimab in late-stage clinical studies targeting non-small cell lung cancer (NSCLC). Summit plans to announce the results from the first of those studies in mid-2025.

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Source Fool.com