11:19 AM EDT, 09/09/2024 (MT Newswires) -- (Updates with the latest stock movement in the first paragraph.)

Summit Therapeutics ( SMMT ) shares were up 60% in recent Monday trading after the company said Sunday its phase 3 trial for non-small cell lung cancer treatment showed improved survival rate compared with pembrolizumab monotherapy.

The company said Sunday that data from the primary analysis of the phase 3 HARMONi-2 trial showed that ivonescimab monotherapy has a statistically significant improvement in progression-free survival compared with pembrolizumab monotherapy as a first-line treatment in patients with non-small cell lung cancer.

The data for the trial, which took place in China, was generated and analyzed by the company's collaboration partner, Akeso.

The company said that a clinically meaningful benefit was demonstrated across clinical subgroups and both the overall response rate as well as the disease control rate were higher in patients treated with ivonescimab compared to those treated with pembrolizumab.

Based on the results of HARMONi-2, the company plans to initiate HARMONi-7, a multi-regional phase III clinical trial, in early 2025.

Price: 19.66, Change: +7.39, Percent Change: +60.23