** Drug developer Summit Therapeutics' SMMT.O shares rise 4.9% to $21.23 premarket
** Citigroup upgrades to "buy" from "neutral" citing strong confidence in HARMONi-2 trial for cancer drug ivonescimab, with chance of favorable results by end of 2025
** Last month, co announced a collaboration with Pfizer PFE.N to study ivonescimab in combination with Pfizer's antibody drug conjugates (ADCs) across various tumor types
** Brokerage says trial success could make ivonescimab a groundbreaking therapy in NSCLC (non-small cell lung cancer)
** $35 PT for Summit represents ~53% upside to last close
** Analysts' average rating is equivalent of "buy"; median PT $44 - data compiled by LSEG
** Shares rose 13.4% YTD vs 12.5% increase in S&P 500 biotechnology index .SPLRCTKBI
(Reporting by Rashika Singh in Bengaluru)
((rashika.singh@thomsonreuters.com))
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