Summit Therapeutics falls after late-stage data for lead asset

seekingalpha05-24

Summit Therapeutics (NASDAQ:SMMT) shares fell in the premarket Friday as investors reacted to data from a Phase 3 trial for its lead asset, ivonescimab, developed in partnership with Chinese biotech ...

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The readout represented initial data from the companies’ HARMONi-A trial, which involved 322 patients with non-squamous non-small cell lung cancer whose tumor harbored a mutation called EGFR.  They had been randomized to receive ivonescimab plus chemotherapy or placebo plus chemotherapy as a late-line therapy. According to a data cut on March 10, 2023, patients on ivonescimab lived a median of about seven months without disease progression . In comparison, those in the placebo + chemo arm indicated a median PFS of about five months. However, in terms of safety, treatment-emergent adverse events  categorized as Grade 3 or higher, occurred in ~62% of patients in the on-drug arm compared to ~49% in the off-drug arm. 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They had been randomized to receive ivonescimab plus chemotherapy or placebo plus chemotherapy as a late-line therapy. According to a data cut on March 10, 2023, patients on ivonescimab lived a median of about seven months without disease progression (median progression-free survival). In comparison, those in the placebo + chemo arm indicated a median PFS of about five months. However, in terms of safety, treatment-emergent adverse events (TEAE) categorized as Grade 3 or higher, occurred in ~62% of patients in the on-drug arm compared to ~49% in the off-drug arm. According to researchers, the most common TEAE grade ≥3 TEAEs were chemotherapy-related. 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