SMMT · Summit Therapeutics
Summit Therapeutics in 2024: one lung-cancer trial against Keytruda
2024 · +584% in the calendar year
For scale: buying every US stock breakout from 2018 to 2026 with no selection returned a median −22.6% a year later, measured on the 14,674 with a full twelve months of data. How it was measured
Summit Therapeutics had no revenue and no approved product. Its value rested on ivonescimab, an antibody that blocks two cancer pathways at once, licensed from China's Akeso. On 8 September 2024 Akeso's HARMONi-2 trial in China reported that in first-line, PD-L1-positive advanced lung cancer, ivonescimab alone cut the risk of disease progression or death by 49% against Keytruda alone. It was the first head-to-head Phase III win over Keytruda in lung cancer. The share price moved +584% in calendar 2024.
The stock reached an intraday high of $33.62 in September 2024, a market value of $23.47 billion. What followed turned on overall survival. On 30 May 2025 the global HARMONi trial met its progression goal but missed statistical significance on survival, and the stock fell as much as 31% that day. In May 2026 an interim look at HARMONi-3 ended with a recommendation to continue unchanged, and the stock fell 26% to $16.12.
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Sources: Businesswire, 8 Sep 2024 · Investing.com, 16 Sep 2024 · Motley Fool, 30 May 2025 · BioSpace, 4 May 2026. Price figures are split-adjusted, not dividend-adjusted.
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