Summit Therapeutics Shares Triple After Drug Candidate Data
By Ben Glickman
Shares of Summit Therapeutics soared on Thursday after the company reported data from a trial showing its cancer-treatment candidate outperformed the blockbuster drug Keytruda.
The stock more than tripled to $9.61 in afternoon trading following the news. Shares were halted multiple times due to volatility.
The biopharmaceutical company said that the monotherapy ivonescimab, evaluated in a Phase 3 trial to treat locally advanced or metastatic non-small cell lung cancer, achieved its primary endpoint of progression-free survival. The company said the treatment had a statistically significant improvement in progression-free survival compared with pembrolizumab, sold under the brand name Keytruda by Merck.
Summit said it was unaware of any similar trials in the same cancer treatment that found a statistically significant improvement compared with pembrolizumab in a head-to-head setting.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
May 30, 2024 15:36 ET (19:36 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
Markets Brief: Non-Farm Payrolls in the Spotlight Again
-
6 Top-Performing Large-Growth Funds
-
What’s the Difference Between the CPI and PCE Indexes?
-
Micron Earnings: Great Guidance but Stock Now Looks Fairly Valued
-
August PCE Report Forecasts Show More Good News on Inflation
-
AI Stocks May Be Down, but Don’t Count Them Out
-
4 Stocks to Buy as the Fed Cuts Interest Rates
-
Markets Brief: The Uncertain Path to Neutral Interest Rates
-
Morningstar’s Guide to Investing in Stocks
-
Our Top Pick for Investing in US Renewable Energy
-
How to Measure a Stock’s Uncertainty
-
How to Determine Whether a Stock Is Cheap, Expensive, or Fairly Valued
-
Why a Company’s Management and Capital Allocation Matter
-
How to Determine What a Stock Is Worth
-
How to Measure a Company’s Competitive Advantage
-
How to Think Like a Stock Analyst
United States