There's a lot of hope for ivonescimab, but are investors being a bit too bullish? If a company shows a lot of potential, investors are often willing to pay a premium and take on some risk in exchange for owning a piece of the business. And in some cases, those valuations can appear extreme, especially when you consider the risk that investors are taking on. One biotech company which may be the ultimate example of that right now is Summit Therapeutics (SMMT -2.02%). Its market capitalization eclipsed $23 bil ...

Find out why positive results from a Summit Therapeutics study keep pushing up BioNTech and Instil Bio stock. September has been an exciting time for investors with their fingers on the pulse of cancer drug development. In a nutshell, it looks like the world's top-selling cancer therapy could have a serious competitor. Sales of Keytruda from Merck reached $25 billion last year thanks to its position as a standard first line of treatment for most patients newly diagnosed with the most common form of lung can ...

Better-than-expected trial data means Summit's bispecific antibody could replace the blockbuster Keytruda as a standard of care for certain lung cancers. Shares of Summit Therapeutics (SMMT 8.32%) 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 I ...

This high-flying biotech stock is moving even higher -- and for good reason. Shares of Summit Therapeutics (SMMT 22.16%) were soaring 22.5% higher as of 11:18 a.m. ET on Thursday. The gain came after the clinical-stage biopharmaceutical company revealed that it entered into agreements with several biotech institutional and individual accredited investors for the sale of over 10.3 million shares for roughly $235 million in a private placement. Investors were undoubtedly especially glad to see key insiders ag ...

Summit Therapeutics Inc. NASDAQ: SMMT has seen a meteoric rise this month, surging over 106% after releasing positive clinical trial results for its experimental cancer therapy. Year-to-date, the stock is up a staggering 769%. This sharp uptick in share price was driven by the results of a Phase 3 study presented on September 8 at the 2024 World Conference on Lung Cancer in San Diego, which suggests its lead drug candidate, Ivonescimab, could significantly outperform the current standard of care for lung ca ...

The clinical-stage drugmaker's cancer therapy candidate outperformed Keytruda, the world's top-selling cancer drug. Shares of Summit Therapeutics (SMMT 55.99%) recently jumped in response to positive clinical trial results for its experimental cancer therapy. Results of the phase 3 Harmoni-2 trial suggest newly diagnosed lung cancer patients are better off with its cancer drug candidate, ivonescimab, than the current standard of care, Keytruda from Merck (MRK -2.06%). With global sales that rose 19% last ye ...

The company's new lung cancer treatment could unseat Merck's Keytruda in the $50 billion-plus lung cancer treatment market. Shares of Summit Therapeutics (SMMT 57.62%) rocketed as high as 75.2% Monday, before settling into a 57.5% gain as of 1:27 PM EDT. The biotech firm released the results of a Phase III study on Sunday at the 2024 World Conference on Lung Cancer in San Diego. The data showed its lung cancer treatment Ivonescimab outperformed Pembrolizumab, also known as Keytruda, the current standard of ...

Morsa Images Summit Therapeutics (NASDAQ:SMMT) and its partner in China Akeso just announced positive data from its phase 3 HARMONi-2 study, which used its PD-1/VEGF bispecific antibody ivonescimab for the treatment of patients with locally advanced or metastatic non-small cell lung cancer [NSCLC] who have positive PD-L1 expression. This is the first drug candidate that has gone toe to toe with Merck (MRK) Keytruda for the treatment of this patient population. That is, ivonescimab is the first type of drug ...

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 tre ...

Core Insights - Summit Therapeutics Inc. released positive data from the Phase 3 HARMONi2 trial of ivonescimab, showing significant efficacy against Merck's Keytruda in treating non-small cell lung cancer [1][2] Trial Results - Ivonescimab demonstrated a statistically significant improvement in progression-free survival (PFS) with a hazard ratio of 0.51, reducing the risk of disease progression or death by 49% compared to Keytruda [2][3] - The median PFS for ivonescimab was 11.14 months, compared to 5.82 months for Keytruda [3] - The overall response rate (ORR) for ivonescimab was 50% versus 38.5% for pembrolizumab, and the disease control rate (DCR) was 89.9% compared to 70.5% [4] Future Plans - Summit plans to initiate the HARMONi-7 trial in early 2025, comparing ivonescimab monotherapy to pembrolizumab in patients with high PD-L1 expression [5] - Data from a Phase 2 trial of ivonescimab alone or in combination with chemotherapy in resectable non-small cell lung cancer was also shared [5] Safety and Efficacy in Neoadjuvant Setting - In a cohort of 39 patients receiving ivonescimab plus chemotherapy, 71.8% experienced a major pathological response, and 43.6% had a pathological complete response [6] - The median event-free survival (EFS) was not reached after 8.9 months of follow-up, with a 12-month EFS rate of 80.3% [7] - The safety profile was manageable, with no treatment-related adverse events leading to surgery delays or patient deaths [7] Market Reaction - Following the announcement, SMMT stock rose by 30.4%, reaching $16.00 in premarket trading [7]