Ivonescimab Beats Standard of Care in Biliary Tract Cancer, First Phase 3 Win
SMMT sits 16% above its 52-week low of $12.07.
Summary
Akeso's Phase 3 HARMONi-GI1 trial showed ivonescimab plus chemotherapy significantly improved overall survival versus durvalumab plus chemotherapy in first-line advanced biliary tract cancer. This is the first Phase 3 study in this cancer type to beat the current standard of care. The trial also met secondary endpoints of progression-free survival and objective response rate. Summit holds U.S. and European rights to ivonescimab, so this expands the drug's potential beyond lung cancer. Full data will be presented at a medical congress and published in a peer-reviewed journal. The stock rose 7.82% on the news.
At the time of this announcement, SMMT was trading at $14.00 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $10.7B. The 52-week trading range was $12.07 to $30.05. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Benzinga.