Why Summit Therapeutics Rocketed Double-Digits Today
Source: Motley Fool
2025-04-23 16:05:00 ET
Shares of lung cancer biotech Summit Therapeutics (NASDAQ: SMMT) rocketed 14.7% on Wednesday as of 1:45 p.m. ET.
The markets were broadly up today on a potential easing of trade tensions with China. That should be a positive for Summit, as its main partner for its current lung cancer drug trials is Chinese biotech Akeso (OTC: AKES.F) .
But the real reason for the market-beating performance today was more good news regarding a phase III trial for Summit's breakthrough drug, ivonescimab.
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