Ivonescimab

Summit Therapeutics' stock surged after FDA granted Fast Track designation to its lung cancer drug. The company completed enrollment for a Phase 3 trial of ivonescimab, involving patients across North America, Europe, and China. Positive results from a previous trial led to a stock surge last month, though shares have since retreated.

H.C. Wainwright maintains Buy rating and $45 price target for Summit Therapeutics, following completion of Phase 3 HARMONi trial enrollment for ivonescimab in lung cancer treatment. FDA Fast Track designation for ivonescimab could expedite review. Analysts anticipate significant milestone from trial results, with potential to impact NSCLC treatment. Citi downgrades to Neutral but raises price target to $23, while Stifel raises to $40 with Buy rating. Summit's stock performance reflects positive outlook, despite current unprofitability.

Summit Therapeutics completes enrolment in Phase III HARMONi trial of ivonescimab plus platinum-doublet chemotherapy for EGFRm, locally advanced or metastatic non-squamous NSCLC, with topline data expected in mid-2025. The FDA granted fast track designation to ivonescimab for this patient population.

Summit Therapeutics completes enrollment in HARMONi Phase III trial evaluating ivonescimab for EGFR-mutated NSCLC, with topline data expected in mid-2025. The FDA grants Fast Track designation for ivonescimab in combination with platinum-based chemotherapy for this patient population.

Summit Therapeutics completed enrollment in HARMONi, a Phase III study evaluating ivonescimab plus chemotherapy vs. placebo in EGFR-mutated, advanced non-squamous NSCLC. The FDA granted Fast Track designation for ivonescimab in this setting. HARMONi-A, a related trial by Akeso, received NMPA approval in China in 2024. Summit plans to initiate HARMONi-7 in 2025, evaluating ivonescimab monotherapy vs. pembrolizumab in high PD-L1 NSCLC.

Bob Duggan's experimental cancer drug, ivonescimab, showcased at the World Conference on Lung Cancer, led to a 700% surge in Summit Therapeutics' stock, boosting Duggan's net worth to $16 billion. The drug outperformed Merck's Keytruda in trials, showing potential for future cancer treatments.

Merck's Keytruda, the world's best-selling drug, faces potential competition from Summit Therapeutics' ivonescimab, which outperformed Keytruda in a phase 3 study for first-line advanced lung cancer. Keytruda's patent expires in 2028, but Merck plans to mitigate losses with a subcutaneous version and new drug approvals. Despite these challenges, Merck's stock remains attractive for long-term investors.