** Shares of Summit Therapeutics SMMT.O settle 36% lower to $23.47 at close, last up 3.81% to $24.36 in after-market trade
** Co says in the submission for cancer drug ivonescimab in China by partner Akeso 9926.HK, the regulators asked for an interim analysis of overall survival
** The drug was approved in China based on a trial that studied it against Merck's MRK.N Keytruda in patients with a type of lung cancer
** The analysis showed a potential 22% reduced risk of death, with a hazard ratio of 0.777, which is not statistically significant, two analysts said
** The simple fact that this still early cut is not statistically significant is triggering a massive sell-off - Evercore ISI
** Summit said the interim analysis was conducted at 39% data maturity
** Brokerage Truist expects overall survival benefit will reach statistical significance by the final analysis, if not potentially earlier
** SMMT shares peaked in September 2024 after results from a study in China showed some lung cancer patients had better survival rates than Keytruda
** Stock up 31.5% YTD
(Reporting by Sriparna Roy in Bengaluru)
((Sriparna.Roy@thomsonreuters.com;))
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