This biotech has skyrocketed in value since January. It owes its performance to a potential billion-dollar cancer drug.
Positive results for Summit's cancer drug in a head-to-head study against Keytruda have caused its stock to soar. Investors have great expectations for Summit's lead candidate.
Summit's cancer drug ivonescimab outperformed Keytruda in a recent clinical trial. The success of that trial led to a massive rally for the healthcare stock.
A bispecific antibody Summit Therapeutics licensed from Akeso outperformed the world's best-selling cancer therapy. In a phase 3 trial, treatment with ivonescimab reduced patients' risk of disease progression by 49% compared to Keytruda.
Summit's Ivonescimab bested Keytruda in a phase 3 trial for lung cancer patients with the PD-L1 gene. Following the early-week stock spike, Summit raised over $200 million from investors.
Several accredited investors entered an agreement to buy roughly $235 million of Summit Therapeutics stock. These investors included several of the biopharmaceutical company's executives and board members.
Summit Therapeutics Inc. NASDAQ: SMMT has seen a meteoric rise this month, surging over 106% after releasing positive clinical trial results for its experimental cancer therapy. Year-to-date, the stock is up a staggering 769%.
Data from a late-stage study shows that SMMT's experimental antibody beat Keytruda in a head-to-head setting in treating certain patients with NSCLC.
Ivonescimab is a bispecific antibody that targets PD-1 and VEGF to treat lung cancer. In a phase 3 trial, patients treated with ivonescimab were 49% less likely to experience their disease worsening than patients treated with Keytruda.
Summit's lung cancer treatment Ivonescimab outperformed Merck's Keytruda in a Phase III trial. The data were even better than anticipated.
Summit's and Akeso's ivonescimab outperformed Merck's Keytruda in a phase 3 trial for first-line advanced NSCLC, showing significant clinical benefits. Ivonescimab's success against Keytruda in NSCLC positions Summit to capture a large market share in the multibillion-dollar NSCLC indication. Positive trial results opens expansion opportunities for ivonescimab in first-line PD-L1 high advanced NSCLC and eventually other cancer types.
Shares of Summit Therapeutics (SMMT) skyrocketed Monday, rising to an all-time high after the biotech announced positive results from a late-stage trial of its experimental lung cancer treatment.