Summit Therapeutics Stock Rises 11%

(RTTNews) - Summit Therapeutics Inc. (SMMT) shares are currently trading at $16.24, up $1.64, or 11.23 percent on Thursday, likely supported by positive overall survival results from the Phase III HARMONi-2 study of ivonescimab in patients with locally advanced or metastatic non-small cell lung cancer.

Summit closed the previous session at $14.60 and opened at $15.52 on the Nasdaq. The stock has traded between $15.52 and $16.38, with volume at 4.27 million shares, compared with average volume of 5.17 million. Its 52-week range is $12.07 to $29.23.

In a pre-planned analysis, the company's partner Akeso Inc. noted that ivonescimab monotherapy demonstrated a statistically significant improvement in overall survival compared with pembrolizumab monotherapy in patients whose tumors expressed PD-L1. The earlier primary analysis also showed a significant progression-free survival benefit, with a hazard ratio of 0.51 and a p-value below 0.0001. Detailed overall survival results are expected to be presented at an upcoming medical conference.