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Why Summit Therapeutics Plunged Today

TheMotleyFool

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Why Summit Therapeutics Plunged Today: https://g.foolcdn.com/editorial/images/820105/research-scientists-drugs-pharma-biotech.jpg

Shares of Summit Therapeutics (NASDAQ: SMMT) have plunged 31% as of 1:23 p.m. ET Friday, following the release of some trial data this morning.

Summit has been a tremendous winner over the past year, as its bispecific antibody lung cancer drug ivonescimab outperformed prior standards of care in phase 3 trials performed in China by Summit's partner Akeso (OTC: AKES.F).

While today's results weren't all bad by any means, apparently investors had hoped for more conclusive information about survival rates. With such high expectations, it appears investors are taking profits or de-risking in a big way.

Source Fool.com