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Why Summit Therapeutics Stock Is Skyrocketing This Week

Why Summit Therapeutics Stock Is Skyrocketing This Week

Shares of Summit Therapeutics (NASDAQ: SMMT) were skyrocketing 371.8% higher this week as of the market close on Thursday, according to data provided by S&P Global Market Intelligence. This huge gain came after the company announced on Tuesday that it's licensing bispecific antibody ivonescimab from Chinese drugmaker Akeso. Akeso will retain the rights to market the therapy throughout the rest of the world, including China.