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.

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Source Fool.com