Lung Cancer Drug Trial News Has Summit Therapeutics Stock Up 40% Today

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Bill McColl
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Bill McColl has 25+ years of experience as a senior producer and writer for TV, radio, and digital media leading teams of anchors, reporters, and editors in creating news broadcasts, covering some of the most notable news stories of the time.

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Published September 09, 2024
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Key Takeaways

  • Summit Therapeutics reported positive results from a Phase 3 trial in China of its lung cancer treatment ivonescimab.
  • The drug reduced the risk of disease progression or death in 49% of those studied compared to other treatments, the company said.
  • The news sent Summit Therapeutics shares to an all-time high.

Shares of Summit Therapeutics (SMMT) skyrocketed Monday, rising to an all-time high after the biotech announced positive results from a late-stage trial of its experimental lung cancer treatment.

Summit said the Phase-3 study, conducted in China, showed the drug ivonescimab ”demonstrated a statistically significant improvement in the trial’s primary endpoint” for certain patients with locally advanced or metastatic non-small cell lung cancer. 

The company said that ivonescimab reduced the risk of disease progression or death by 49% compared to other treatments.

CEO Robert Duggan called the findings "a historic moment" for ivonescimab, which was developed along with China’s Akeso. “We believe this is the beginning of a landscape shift for treatment options for patients living with cancer,” he said.

Summit said it would be initiating a multi-regional study of ivonescimab in early 2025.

Summit shares have soared more than 500% so far this year. They're up some 40% today.

SMMT SMMT

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  1. Summit Therapeutics. "Ivonescimab Monotherapy Reduced the Risk of Disease Progression or Death by 49% Compared to Pembrolizumab Monotherapy in First-Line Treatment of Patients with PD-L1 Positive Advanced NSCLC in China."
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