JMP Securities initiated coverage on Summit Therapeutics, highlighting the potential of their oncology drug Ivonescimab (PD-1 X VEGF bispecific) in treating lung cancer. The drug has shown promising results in clinical trials, outperforming leading treatments like Keytruda and Opdivo. With numerous Phase 3 studies underway and strong head-to-head data, Ivonescimab could become a significant player in the NSCLC market, potentially generating billions in revenue.
The Dow Jones Industrial Average surged by over 400 points on Monday, driven by positive news from several companies. Terns Pharmaceuticals shares jumped over 20% after announcing promising data from its Phase 1 trial for a new obesity treatment. Other notable gains came from Summit Therapeutics, Relay Therapeutics, ADMA Biologics, and more.
Summit Therapeutics’ ivonescimab demonstrated a significant improvement in progression-free survival compared to Keytruda in a Phase 3 trial for non-small cell lung cancer. The drug also showed positive results in a Phase 2 trial for resectable lung cancer, highlighting its potential as a promising treatment option.
Summit Therapeutics shares surged in pre-market trading after positive clinical trial results for their cancer drug. Other notable pre-market movers include Intelligent Bio Solutions, Tonix Pharmaceuticals, and Nuburu, while Wheeler Real Estate and Golden Minerals experienced significant declines.
