Power Alley (Immuno-Oncology): Summit Due To Discuss Additional Data, Tomorrow Regarding Ivonescimab -- And The Encouraging China Study...

We are very much inclined to wait to see the additional data, presumably some of which might include interim looks at some later EU and or US patient sets. That said, the data from Summit's China only study is quite encouraging. There is though, the concern of ethnic / genetic factors rendering ivonescimab exceptionally effective in Chinese populations; less so in European or Caucasian or African ones. [We have seen that effect several times, on the treatment of diabetes, and hepatitis.]

So we will wait until more data is available, but at best this likely makes ivonescimab a nice supplement or complement, especially in Asian populations. It is very-unlikely to mean Summit could take over leadership in any US or EU market. Here's some of the latest:

. . .Citing interim data from the HARMONi-2 trial conducted by its partner Akeso in China, Summit said it was the first time Keytruda was beaten in a late-stage randomized trial for NSCLC with a statistically significant effect.

“This result, despite the likely pushback on a China-only trial, should underscore the potential for ivonescimab,” Citi analyst Yigal Nochomovitz wrote, reiterating his buy recommendation and $7 target on the stock. . . .

We would not rush to buy Summit, and we certainly would not sell Merck, not until there is LOTS more peer reviewed and vetted data. Now you know. Onward, grinning, out to a sunny Sunday.

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