NEW YORK, June 06, 2025 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of  Summit Therapeutics Inc. (“Summit” or the “Company”) (NASDAQ: SMMT).  Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980. The investigation concerns whether Summit and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.  [Click here for information about joining the class action] On May 3 ...

Group 1: Summit Therapeutics - Summit Therapeutics' shares have increased over 1,000% in the past three years, primarily due to the progress of ivonescimab, an investigational cancer medicine [2] - Ivonescimab has shown positive results in several phase 2 and phase 3 studies in China and is already approved there, contributing to Summit's market cap of $13.6 billion despite no revenue generation [2][6] - The drug has produced Phase 3 results comparable to Keytruda for non-small cell lung cancer, indicating significant market potential [4] - Ivonescimab is being tested for multiple cancer types, suggesting a robust pipeline for Summit Therapeutics [5] - The company anticipates U.S. approval for ivonescimab within three years, with potential for further approvals in the next decade [6] Group 2: Axsome Therapeutics - Axsome Therapeutics has seen stock market gains of nearly 350% over the past three years due to significant clinical and regulatory milestones [7] - The company’s revenue increased by 62% year over year to $121.5 million in the first quarter, driven by the approval of Auvelity for major depressive disorder and the acquisition of Sunosi for narcolepsy [8] - Axsome is expected to transform its product lineup with new approvals and label expansions in the next three years, including positive trial results for several candidates [9] - The company is conducting multiple clinical studies that could lead to further positive data and regulatory submissions, indicating a strong late-stage pipeline [10]

A downtrend has been apparent in Summit Therapeutics PLC (SMMT) lately with too much selling pressure. The stock has declined 36.7% over the past four weeks. However, given the fact that it is now in oversold territory and Wall Street analysts are majorly in agreement about the company's ability to report better earnings than they predicted earlier, the stock could be due for a turnaround.How to Determine if a Stock is OversoldWe use Relative Strength Index (RSI), one of the most commonly used technical ind ...

Group 1 - Elle Investments is a small family office focused on identifying asymmetric investment opportunities created by a disconnect between value and market sentiment [1] - The firm employs a "quantamental approach" to manage long-term portfolio risk, aiming to deliver alpha over the long term [1] Group 2 - The article does not provide specific financial data or performance metrics related to the investments or the market [2][3]

Core Viewpoint - Summit Therapeutics experienced a significant 30% stock decline despite a previous doubling in value due to positive updates on its lung cancer medication, ivonescimab, indicating market sensitivity to trial outcomes [1][2]. Group 1: Drug Trial Results - Ivonescimab, when used with chemotherapy, reduced the risk of disease progression or mortality by 48% [2]. - The trial did not meet the FDA's "statistically significant" criteria for overall survival, leading to strong investor reactions [2]. - The results may not be as negative as perceived, potentially bringing Summit closer to FDA approval due to demonstrated efficacy outside of Asia [2]. Group 2: Financial Performance - Summit has not launched any commercial products, and ivonescimab could be a significant revenue generator [2]. - The company reported net operating losses of $226 million last year and $610 million the year before [2]. Group 3: Market Sensitivity and Investment Considerations - The stock has shown high sensitivity to setbacks, evidenced by a 94% drop during the 2022 inflation crisis and a 78% decrease during the 2020 COVID-19 market correction [3]. - Despite the recent drop, Summit may present a turnaround opportunity for investors willing to assess risks [4]. - Investors are advised to consider the availability of other robust investment options, as investing in a single stock carries significant risks [4].

Core Viewpoint - Summit Therapeutics' stock experienced a significant decline of over 30% due to disappointing results from the Harmoni trial of ivonescimab, a bispecific antibody aimed at treating lung cancer [1][2]. Group 1: Clinical Trial Results - The Harmoni trial aimed to evaluate ivonescimab in second-line lung cancer patients, showing a 48% reduction in disease progression risk but failing to demonstrate a statistically significant overall survival benefit [6]. - The treatment reduced the risk of death by 21%, but the results were just outside the 95% confidence interval with a p-value of 0.057, indicating a lack of convincing evidence for overall survival [6][7]. - The FDA is unlikely to approve ivonescimab in the U.S. based on these trial results, as a statistically significant overall survival benefit is required for approval [7]. Group 2: Market Context and Comparisons - Keytruda, a leading treatment for lung cancer, generated $29.5 billion in sales last year, setting a high benchmark for any competing therapies like ivonescimab [9]. - Despite the lack of overall survival data, ivonescimab's ability to shrink tumors suggests potential for future success in different patient populations [9][11]. - The stock of Summit Therapeutics finished May with a market cap exceeding $13.5 billion, despite having no sales and only one candidate in its pipeline [12]. Group 3: Investment Considerations - The lack of convincing overall survival data for ivonescimab diminishes the likelihood of it achieving blockbuster sales, even if it eventually receives FDA approval [11][13]. - Investors may face challenges ahead, as expectations remain high despite the uncertain path for ivonescimab [11].

Core Insights - Summit Therapeutics announced the topline results of the global Phase III clinical trial HARMONi for ivonescimab, a PD-1/VEGF dual antibody developed by Innovent Biologics [1][2] - The trial aimed to evaluate the efficacy of ivonescimab combined with chemotherapy versus placebo combined with chemotherapy in patients with locally advanced or metastatic non-squamous non-small cell lung cancer harboring EGFR mutations [1] Group 1: Clinical Trial Results - The results showed a statistically significant and clinically meaningful improvement in progression-free survival (PFS) with a hazard ratio of 0.52 (95% CI: 0.41–0.66; p<0.00001) for ivonescimab combined with chemotherapy compared to chemotherapy alone [2] - Although the overall survival (OS) data showed a positive trend, it did not reach statistical significance, with a hazard ratio of 0.79 (95% CI: 0.62–1.01; p=0.057) [2] - Summit plans to use the HARMONi trial data to submit a Biologics License Application to the U.S. Food and Drug Administration [2] Group 2: Market Reaction - The results were consistent with the HARMONi-A trial conducted by Innovent Biologics in China [2] - Following the announcement of the data, Summit's stock price experienced a significant decline on May 30 [2]

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Shares of Summit Therapeutics (SMMT -28.35%) have plunged 31% as of 1:23 p.m. ET Friday, following the release of some trial data this morning.Summit has been a tremendous winner over the past year, as its bispecific antibody lung cancer drug ivonescimab outperformed prior standards of care in phase 3 trials performed in China by Summit's partner Akeso (AKES.F -4.96%).While today's results weren't all bad by any means, apparently investors had hoped for more conclusive information about survival rates. With ...

Summit Therapeutics Inc. SMMT released topline results on Friday from the Phase 3 HARMONi trial of ivonescimab plus platinum-doublet chemotherapy compared to placebo plus platinum-doublet chemotherapy for epidermal growth factor receptor (EGFR)-mutated, locally advanced or metastatic non-squamous non-small cell lung cancer (NSCLC) who have progressed after treatment with a 3rd generation EGFR tyrosine kinase inhibitor (TKI).The trial met the progression-free survival (PFS) primary endpoint and showed a posi ...