Summit Therapeutics' stock surges 390% due to ivonescimab

Summit Therapeutics has seen its stock price soar by nearly 390% over the past year. This jump is largely due to the promising cancer drug ivonescimab, which the company licensed from a Chinese firm in 2022. Ivonescimab works by blocking two key proteins involved in cancer growth. It targets PD-1 proteins that help cancer cells evade the immune system. It also stops vascular endothelial growth factor (VEGF), which helps tumors form blood vessels. Summit's rise accelerated when Akeso, the original developer, reported impressive results from a clinical trial for treating non-small cell lung cancer (NSCLC). Ivonescimab outperformed Merck's well-known drug Keytruda in these tests. As a result, Summit expanded its rights to market ivonescimab to new regions, including Latin America and Africa. The drug has already received approval in China for use with chemotherapy. Summit is now running its own trials for ivonescimab as a second-line treatment for NSCLC. The company aims to share results from these studies in mid-2025, which could lead to U.S. regulatory approval. Summit is also exploring ivonescimab for other treatment scenarios in NSCLC. The drug could potentially be used alongside other therapies, which increases its market opportunities. The total market for treatments like ivonescimab exceeds $90 billion. Investing in Summit Therapeutics could be a lucrative opportunity for some. However, like all stocks, there are risks involved. The company's current value stands at over $14 billion, despite having no product sales yet. If ivonescimab succeeds as expected, its worth could increase significantly. Ultimately, while there's potential for investors to see significant gains, the outcome will vary based on individual investment choices and duration of holding the stock. Some investors may indeed become millionaires through their investments in Summit Therapeutics.