SMMT Stock Surges on Breakthrough Cancer Data, Raises Stakes for Keytruda Rivals
Summit Therapeutics (SMMT) shares surged over 13% in overnight trading, reaching an all-time high on Stocktwits after new data from the Phase 3 Harmoni-6 study showed a statistically significant survival advantage for Ivonescimab plus chemotherapy over Tislelizumab plus chemotherapy in patients with advanced squamous non-small cell lung cancer.
The results, presented at the ASCO meeting, demonstrated that Ivonescimab extended median overall survival to 27.9 months from 23.7 months and showed nearly twice as long before cancer worsened. The findings also came after earlier Phase 3 results from Summit and its Chinese partner Akeso first put Ivonescimab in the spotlight in 2024.
The interest in PD-(L)1xVEGF therapies has grown significantly, with Pfizer (PFE), Bristol Myers Squibb (BMY), and Merck (MRK) all advancing rival therapies. However, Summit's Ivonescimab is already one step closer to the market, with an FDA application under review for EGFR-mutated lung cancer after progression on EGFR-targeted therapy.
Investors are closely watching the global Phase 3 Harmoni-GI3 trial and Harmoni-3 study comparing Ivonescimab directly against Keytruda in over 1,000 patients with first-line non-small cell lung cancer. The company's shares have declined 33% over the past year.