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Why Summit Therapeutics Skyrocketed 123% This Week
$Summit Therapeutics (SMMT.US)$ surged 123.4% this week after its lung cancer drug Ivonescimab outperformed Keytruda in a phase 3 clinical trial. The trial, conducted with its partner Akeso in China, showed superior progression-free survival for patients with PD-L1 gene expression.
Analysts raised price targets for Summit, speculating that Ivonescimab could challenge Keytruda in the $50 billion lung cancer drug market. Summit also raised $235 million from biotech investors through a stock offering, boosting investor confidence further.
With over 1,000% growth this year, Summit is now a biotech stock to watch, though future revenue and profit impact remains uncertain.
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