Summit Therapeutics stock jumps on partner’s cancer trial data

Summit Therapeutics (SMMT) stock rose 8.5% in pre-market trading after positive clinical trial data for its drug ivonescimab. Partner Akeso reported success in a Phase III study for advanced biliary tract cancer, and Summit published results showing reduced disease progression risk in lung cancer. Analysts Guggenheim and Bernstein SocGen updated their ratings and price targets. The rally was company-specific, with the broader market showing little movement.

Summit Therapeutics (SMMT) reported Phase III HARMONi trial results in The Lancet Oncology, showing ivonescimab plus chemotherapy improved progression-free survival (6.8 months vs. 4.4 months) in EGFR-mutated NSCLC patients. The trial met statistical significance, with a hazard ratio of 0.52. Safety data showed manageable side effects. SMMT stock closed at $12.73, up 0.47% in pre-market trading.

Summit Therapeutics (SMMT) shares rose 1.1% in pre-market trading after Bernstein SocGen upgraded the company to Market Perform from Underperform and raised its price target to $11.90 from $9.80. The broker cited Summit's current valuation as more reflective of ivonescimab's risk-adjusted value, though it remains cautious about the drug's broad market potential. Summit shares have been trading near their 52-week low of $12.07, down 57% from their high of $30.05.

Summit Therapeutics (SMMT) stock rose 1.1% in pre-market trading after Bernstein upgraded it to Market Perform with a $11.90 price target, citing a valuation reset for its drug ivonescimab. The firm assigned a 35% probability of success for the ILLUMINE Phase 3 trial. The stock is near its 52-week low and 57% below its high. The FDA's review of ivonescimab is a long-term catalyst. The broader market is also up, supporting risk assets like biotechs.

Summit Therapeutics (SMMT) shares rose 13% in overnight trading after positive Phase 3 trial data for Ivonescimab in lung cancer. The drug showed improved survival rates over competitors. Pfizer (PFE), Bristol Myers Squibb (BMY), and Merck (MRK) are developing similar therapies. SMMT has an FDA review pending for Ivonescimab in another lung cancer indication.

Moderna and Merck shares surged after positive Phase 3 trial results for an mRNA cancer vaccine, boosting other biotech and oncology stocks. BioNTech and Novavax also rose, while Bristol-Myers Squibb and Regeneron gained. Barclays estimates the combo could generate $3B in melanoma revenue by 2035, potentially impacting competitors.