From Yahoo Finance: 2025-05-30 14:19:00

Summit Therapeutics released data from the HARMONi phase 3 trial, causing a 31% drop in shares. The trial showed ivonescimab reduced disease progression or death risk by 48%, but didn’t meet statistical significance in overall survival. Analysts remain optimistic about potential FDA approval despite today’s disappointment.

Investors react to Summit’s trial results, with some selling off shares. Despite the drop, analysts believe in ivonescimab’s potential. The drug showed promise in four trials, outperforming PD-1 therapy. While today’s data fell short of expectations, there’s still hope for future success and FDA approval.

Analysts urge caution for investors as Summit’s stock fluctuates. The company aims for FDA approval for ivonescimab, but needs to show a statistically significant survival benefit. While today’s data didn’t meet expectations, there’s optimism for future results as data matures. The drug’s success over the past year suggests potential approval.

Read more: Why Summit Therapeutics Plunged Today