Summit Therapeutics ( (SMMT) ) is experiencing volatility. Read on for a possible explanation for the stock’s unusual movement.
Summit Therapeutics’ stock took a sharp dive after reports revealed that the survival data for their drug ivonescimab, developed with Akeso, failed to meet analyst expectations. Although the drug was recently approved in China for treating non-small cell lung cancer, the interim analysis showed only a 22% reduced risk of death, which was not statistically significant. This news led to a temporary trading halt due to volatility. Despite the setback, Jefferies raised its price target for Summit, showing confidence in the drug’s potential success in global trials and broader clinical applications.
More about Summit Therapeutics
YTD Price Performance: 100.0%
Average Trading Volume: 3,155,352
Technical Sentiment Signal: Sell
Current Market Cap: $27.07B
For further insights into SMMT stock on TipRanks’ Stock Analysis page.
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