All articles tagged with #summit therapeutics
The article highlights today's top moving stocks, with Planet Labs leading gains after strong earnings, EchoStar's deal with SpaceX boosting satellite stocks, Robinhood's inclusion in the S&P 500, and mixed results for biotech firms like Summit Therapeutics and BioNTech, alongside CVS Health's stock decline due to regulatory concerns.
Summit Therapeutics' stock plummeted nearly 17% after its experimental drug, ivonescimab, failed to improve overall survival in a lung cancer trial, casting doubt on its prospects for FDA approval and future partnerships.
Summit Therapeutics' lung cancer drug ivonescimab shows promising results in China but weaker and non-significant benefits in North America and Europe, potentially complicating its approval process in Western markets due to geographic disparities in trial outcomes.
Summit Therapeutics' cancer drug trial results showed mixed outcomes, with the drug performing better than placebo in delaying cancer progression and working equally well in Asian and Western patients, but failing to demonstrate a statistically significant increase in overall survival. Despite the disappointing results, analysts viewed the trial as a positive sign for Chinese biopharma collaborations, though the company's stock dropped significantly due to concerns over FDA approval requirements.
Akeso and Summit Therapeutics' drug ivonescimab showed promising results in delaying progression of certain lung cancers in a global phase 3 trial, with significant improvements in progression-free survival, though overall survival benefits are still being evaluated. The drug demonstrated consistent effects across Asian and Western populations, and the companies plan to seek FDA approval, despite some investor disappointment over the overall survival data.
Merck has announced a $3.3 billion licensing deal with China's LaNova Medicines for a cancer drug, LM-299, as a strategic move against Summit Therapeutics' ivonescimab, which recently outperformed Merck's Keytruda in a lung cancer study. The deal includes a $588 million upfront payment and up to $2.7 billion in milestone payments. Both LaNova's and Summit's drugs target PD-1 and VEGF proteins, potentially offering a competitive edge over Keytruda, which only targets PD-1. This move is seen as Merck's insurance policy to maintain its market share in cancer treatments.
Summit Therapeutics' Phase 3 HARMONi-2 study in China showed that their lung cancer therapy ivonescimab significantly improved progression-free survival compared to Merck's Keytruda in patients with advanced non-small cell lung cancer. Despite this positive result, Summit's stock saw a decline after a significant rise the previous day.
Summit Therapeutics' stock surged after the company announced that its cancer drug outperformed Keytruda in a Phase 3 trial, just ahead of a major cancer conference in Chicago.
Summit Therapeutics Inc. shares soared 272% after a late-stage trial showed their cancer drug ivonescimab significantly outperformed Merck's Keytruda in treating non-small cell lung cancer, leading to a decline in Merck's shares. The trial, conducted in China, demonstrated a meaningful improvement in progression-free survival, with analysts optimistic about the drug's potential in other populations and across multiple solid tumors.