Summit Therapeutics shares rise 2.38% premarket after Foghorn Therapeutics' positive clinical-stage developments.

Summit Therapeutics Inc. rose 2.38% in premarket trading. The company's stock price increase may be attributed to the recent news event where Foghorn Therapeutics Inc., a clinical-stage biotechnology company, is developing medicines that modulate gene expression through selectively targeting the chromatin regulatory system for therapeutic intervention in oncology. The company's Traffic Control platform discovers and develops drugs in oncology and other therapeutic areas, including virology, autoimmune disease, and neurology.