These 10 Firms Topped Wednesday’s Trading

2. Summit Therapeutics Inc. (NASDAQ:SMMT)

Summit Therapeutics surged by 23.76 percent at intra-day trading on Wednesday, a fourth straight day, before ending the day just up by 21.5 percent at $33.23 apiece as investor sentiment was boosted by the positive results of its phase 3 study for its lung cancer treatment candidate.

According to SMMT, Akeso achieved a significant milestone in its Phase 3 clinical trial to study ivonescimab’s combination with platinum-based chemotherapy as against the combination of tislelizumab, a PD-1 inhibitor, with the same chemo treatment.

The trial targeted patients with locally advanced or metastatic squamous non-small cell lung cancer (NSCLC) without regard to  PD-L1 expression levels.

According to the companies, the combination of ivonescimab and chemotherapy significantly improved progression-free survival (PFS) compared to tislelizumab and chemotherapy. More importantly, no safety issues were recorded during the trial.

Following the clinical update, SMMT earned an Overweight rating from Cantor Fitzgerald, saying that it “continues to view ivonescimab as an asset with a highly binary future: either better than pembro with huge market potential or undifferentiated from pembro and of limited value.”