Summit Therapeutics Stock Jumps as Lung Cancer Drug Placed on FDA Fast Track
:max_bytes(150000):strip_icc():format(jpeg)/GettyImages-1227710766-584f28211635420ebcac5f7685e4439e.jpg)
Sarah Silbiger / Getty Images' title='A sign in front of the Food and Drug Administration office is seen in front of the agency's headquarters.'>
Sarah Silbiger / Getty Images
Key TakeawaysSummit Therapeutics stock jumped Friday morning, a day after the company said its developmental lung cancer drug was granted FDA Fast Track designation.The biopharmaceutical company also said it has completed enrollment for a new Phase 3 trial for ivonescimab.Positive results in a previous trial led Summit's shares to more than double in value over a few days of trading last month, though they have slipped since.
Summit Therapeutics (SMMT) shares surged Friday morning, a day after after the biopharmaceutical company said its developmental lung cancer drug was granted Fast Track designation by the Food and Drug Administration (FDA).Summit said it has completed the enrollment process for a Phase 3 trial of ivonescimab, which will include patients across North America, Europe, and China. It said it looks forward to completing its first global study of the drug, which has been used to treat more than 1,800 patients in previous trials."As our belief in the potential for ivonescimab to make a meaningful, positive difference continues to grow, we are pleased that the FDA has granted Fast Track designation for ivonescimab," Summit Chief Executive Officer (CEO) Robert Duggan said.Summit Stock Soared Last Month on Previous Trial ResultsPositive results in a previous Chinese trial for the drug sent Summit's stock skyrocketing last month, more than doubling in value to a record close of $31.93 over five trading sessions.Summit shares have since retreated, but were up 13% to $21.05 soon after markets opened Friday. Read the original article on Investopedia.
Welcome to Billionaire Club Co LLC, your gateway to a brand-new social media experience! Sign up today and dive into over 10,000 fresh daily articles and videos curated just for your enjoyment. Enjoy the ad free experience, unlimited content interactions, and get that coveted blue check verification—all for just $1 a month!
Account Frozen
Your account is frozen. You can still view content but cannot interact with it.
Please go to your settings to update your account status.
Open Profile Settings