Summit Therapeutics Trading Volume Drops 50 Percent to 243rd Position Despite Positive Drug Trial Results

On April 28, 2025, Summit Therapeutics (SMMT) saw a trading volume of $32.6 million, a significant 50.26% decrease from the previous day, placing it at the 243rd position in the day's trading volume rankings. The stock price of Summit Therapeutics rose by 2.75%.

Summit Therapeutics' partner, Akeso, received approval from China's National Medical Products Administration for ivonescimab as a monotherapy. This approval is based on the results of the Phase 3 trial, HARMONi-2, which evaluated ivonescimab against Merck & Co Inc’s Keytruda in patients with locally advanced or metastatic non-small cell lung cancer (NSCLC) whose tumors have positive PD-L1 expression. The trial demonstrated a statistically significant improvement in progression-free survival (PFS) and a clinically meaningful hazard ratio of 0.777 in the interim overall survival analysis.

Summit Therapeutics is currently enrolling patients in the HARMONi-7 Phase 3 clinical trial, which is evaluating ivonescimab against pembrolizumab in patients with locally advanced or metastatic NSCLC whose tumors have positive PD-L1 expression. This trial is being conducted globally with registrational intent for the U.S. and other regions within Summit’s license territories.

Additionally, Akeso released topline data from the Phase 3 HARMONi-6 trial, which evaluated ivonescimab in combination with platinum-based chemotherapy compared with tislelizumab in combination with platinum-based chemotherapy in patients with locally advanced or metastatic squamous non-small cell lung cancer (NSCLC). The trial met its primary endpoint of progression-free survival (PFS).