Summit Therapeutics (SMMT) Stock Soars on Cancer Breakthrough – Can the Biotech’s Rally Hold?
Summit Therapeutics reported positive Phase 3 results for its cancer drug ivonescimab on Oct. 19, reducing disease progression risk by 40% in a key lung cancer trial. Shares closed at $20.99 on Oct. 17, down 4.5% that day but up 14% year-to-date. The company’s market cap stands near $15.6 billion after a 1,770% three-year surge. Summit will report Q3 earnings and present new data at ESMO on Oct. 20.