MRK - Summit Therapeutics Stock: Plunging Despite A Win?
2024-05-31 09:27:30 ET
Summary
- Summit Therapeutics has achieved massive market success in 2024, with a market capitalization of over $7 billion.
- Summit's main pipeline candidate is ivonescimab, a bispecific antibody targeting both PD-1 and VEGF.
- Ivonescimab has shown "decisive" progression-free survival benefit compared to Keytruda in patients with NSCLC that is PD-L1 positive.
- The massive valuation of SMMT means they have too much proving to do to make this a sound investment at these levels, in my opinion.
Topline Summary
Summit Therapeutics Inc. ( SMMT ) is a developmental biotech that is currently working on a novel immunotherapeutic for solid tumors. And they've achieved massive market success in 2024 so far, to peak at a market capitalization of well over $7 billion. Now, they have announced "historic" data from their Hong Kong-based partner, pointing to a very promising future for their pipeline....
Summit Therapeutics Stock: Plunging Despite A Win?