Why Summit Therapeutics Skyrocketed 123% This Week
Shares of Summit Therapeutics (NASDAQ: SMMT) rocketed 123.4% higher this week through Thursday trading, according to data from S&P Global Market Intelligence.
A biotech stock surging that much usually means a new blockbuster drug candidate either posted good trial data or was approved for use. That's exactly what happened with Summit's lung cancer antibody Ivonescimab this week.
Last weekend, Summit announced the results of its Harmoni-2 phase 3 trial, which was conducted in China in conjunction with its partner Akeso. In the trial, Summit's new drug Ivonescimab achieved a superior progression-free survival period relative to Keytruda, which is the current standard of care for lung cancer patients with a PD-L1 gene expression.
Source Fool.com
