:max_bytes(150000):strip_icc()/GettyImages-1227710766-584f28211635420ebcac5f7685e4439e.jpg "Summit Therapeutics Stock Jumps as Lung Cancer Drug Placed on FDA Fast Track")
:max_bytes(150000):strip_icc():format(jpeg)/GettyImages-1227710766-584f28211635420ebcac5f7685e4439e.jpg)
Key Takeaways
- Summit 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 Results
Positive 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.