Why Is SUMMIT THERAPEUTICS (SMMT) Stock Up Today?

Why SMMT stock is up today

SUMMIT THERAPEUTICS (SMMT) surged 16.16% to $16.96 in the latest session, driven by positive clinical trial results from its partner Akeso. The stock opened with a 4.7% gap up and traded as high as $17.00 during the session. The rally follows the release of statistically significant overall survival results from the Phase III HARMONi-2 trial for ivonescimab in non-small cell lung cancer.

What Happened

Akeso, Summit Therapeutics’ partner, announced that ivonescimab monotherapy demonstrated a statistically significant improvement in overall survival compared to pembrolizumab monotherapy in PD-L1-positive advanced non-small cell lung cancer. The results were highlighted in a press release and an SEC 8-K filing on September 3, 2026. The news was widely covered in the financial media, with outlets emphasizing the potential for ivonescimab to outperform Keytruda in lung cancer treatment. Summit Therapeutics’ co-CEOs, Robert Duggan and Mahkam Zanganeh, also added to their holdings in June 2026, signaling confidence in the company’s direction.

What The Data Shows

The stock has risen 26.4% over the last eight sessions, from $13.23 to $16.72. Intraday volume reached 6.9 million shares, 1.3 times the 3-month daily average. The stock has printed 14 fresh 52-week highs on September 3, 2026. Recent insider transactions totaled $100.0 million in purchases over the last 90 days, with no insider sales recorded. The stock is currently trading within its 52-week range of $12.07 to $29.23.

What To Watch

Investors should monitor the November 2026 FDA PDUFA decision for ivonescimab in NSCLC, as it represents a key milestone for the company. Coverage breadth and market sentiment around this regulatory decision will be critical to watch in the coming weeks.