Biotech Alert: Searches spiking for these stocks today

These names in the biotech sector are seeing a substantial increase in search activity today, as determined by InvestingChannel. They include:

• Summit Therapeutics (SMMT), 68% surge in interest

Pipeline and key clinical candidates for these companies:

Summit Therapeutics is a biopharmaceutical oncology company focused on the discovery, development, and commercialization of patient-, physician-, caregiver- and societal-friendly medicinal therapies intended to improve quality of life, increase potential duration of life, and resolve serious unmet medical needs.

Recent news on these stocks:

July 3

AstraZeneca (AZN) is in talks regarding a potential partnership deal with Summit Therapeutics in which it could pay up to$15B over time to license Summit’s ivonescimab lung-cancer treatment, people familiar with the matter told Bloomberg’s Michelle Davis and Dinesh Nair. Summit has also held discussions with other major pharmaceutical companies, the sources say. While terms are still being worked out, the consideration could include a several billion dollar upfront payment and several milestone payments that Summit could receive later, Davis and Nair write.

June 30

Revolution Medicines (RVMD) and Summit Therapeutics announced the companies have entered into a clinical collaboration in multiple solid tumor settings to evaluate the safety and efficacy of each of Revolution Medicines’ clinical-stage RAS(ON) inhibitors, including the multi-selective inhibitor daraxonrasib, G12D-selective inhibitor zoldonrasib and G12C-selective inhibitor elironrasib, in combination with Summit Therapeutics’ ivonescimab, a PD-1 / VEGF bispecific antibody. The clinical collaboration aims to evaluate these combinations across three priority tumor types including RAS mutant non-small cell lung cancer, pancreatic ductal adenocarcinoma and colorectal cancer. Under the terms of the agreement, Summit Therapeutics will supply ivonescimab for clinical research and Revolution Medicines will be the study sponsor. Each company will retain commercial rights to their respective compounds, and the agreement is mutually non-exclusive.

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About “Biotech Alert”

The Fly will report on a selection of biotech stocks seeing a surge in interest from retail and financial professional investors, based on data from InvestingChannel.

This Fly exclusive recap reveals the biotech stocks that are seeing a spike in searches among the 20-plus million retail and financial professional investors through InvestingChannel’s online financial news media ecosystem.

This increased attention from the investors may be in response to, or advance of, outsized moves for stocks in the biotech sector, which tend to be volatile and prone to sharp swings in share price around binary events such as clinical study results and FDA approvals.