Why Summit Therapeutics Rocketed Over 60% Today

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 ...