Yahoo FinanceSummit Shares Soar After Lung Cancer Drug Tops Keytruda in Study

May 31 2024 02:20 AM IST

Summit Therapeutics Inc. shares jumped after the biotech company said a late-stage trial met its goal in patients with non-small cell lung cancer. Summit shares rose as much as 279% after the results were released, their biggest intraday increase on record.

(Bloomberg) -- Summit Therapeutics Inc. shares jumped after the biotech company said a late-stage trial met its goal in patients with non-small cell lung cancer.
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The Miami-based company said Thursday that its drug, ivonescimab, showed “a statistically significant and clinically meaningful improvement” in progression-free survival compared with Merck & Co.’s blockbuster cancer treatment, Keytruda. The study was conducted in patients in China and compared the two drugs as monotherapies, as opposed to part of a combination of treatments.
Summit shares rose as much as 279% after the results were released, their biggest intraday increase on record.
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