Ivonescimab Beats Keytruda in Head-to-Head Lung Cancer Trial, Shares Surge
SMMT sits 37% above its 52-week low of $12.07.
Summary
Summit's ivonescimab outperformed Merck's Keytruda in a head-to-head Chinese lung cancer trial, extending survival better than the world's best-selling drug. The stock jumped over 12% to $16.46 on the news. Full survival advantage data will be presented at a Sept. 15 medical conference. This follows last week's positive bile duct cancer data and adds to a string of successful Phase 3 readouts for the drug. Summit is a one-drug bet on ivonescimab, and this head-to-head win against Keytruda strengthens its case as a successor in immuno-oncology. Analysts are split: UBS sees upside to $33, while H.C. Wainwright remains cautious pending the magnitude of benefit.
At the time of this announcement, SMMT was trading at $16.53 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $13.2B. The 52-week trading range was $12.07 to $29.23. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.