Why Summit Therapeutics Rocketed Over 60% Today
Shares of Summit Therapeutics (NASDAQ: SMMT) rocketed as high as 75.2% Monday, before settling into a 57.5% gain as of 1:27 PM EDT.
The biotech firm released the results of a Phase III study on Sunday at the 2024 World Conference on Lung Cancer in San Diego. The data showed its lung cancer treatment Ivonescimab outperformed Pembrolizumab, also known as Keytruda, the current standard of care from (NYSE: MRK).
Aa an early-stage biotech, a potential blockbuster drug would be a huge deal to Summit. Meanwhile, Merck's shares were down marginally in Monday's trading, with Merck being a large-cap, more diversified company.
Source Fool.com
Merck KGaA Stock
€168.25
-0.360%
Currently there is a rather positive sentiment for Merck KGaA with 4 Buy predictions and 1 Sell predictions.
With a target price of 172 € there is a slightly positive potential of 2.23% for Merck KGaA compared to the current price of 168.25 €.
