Why Biotech Stars Summit Therapeutics and BioNTech Plunged, Even as This Chinese Rival Surged Today
Shares of biotech companies involved in the development of monoclonal antibody cancer therapies were moving all over the place on Friday. Both U.S.-based Summit Therapeutics (NASDAQ: SMMT) and BioNTech (NASDAQ: BNTX) were down significantly, plunging 36.1% and 15.4%, respectively, in Friday's trading.The severe moves were likely related to a Chinese rival in the PD-1/VEGF bispecific antibody area, Akeso (OTC: AKES.F), receiving FDA approval for a cancer drug that utilizes similar technology, as well as an additional approval in China. As a result, Akeso shares were up 11.7% on Friday.Of note, Akeso is also a close partner of Summit, making the divergent moves all the more interesting.Continue reading
Shares of biotech companies involved in the development of monoclonal antibody cancer therapies were moving all over the place on Friday. Both U.S.-based Summit Therapeutics (NASDAQ: SMMT) and BioNTech (NASDAQ: BNTX) were down significantly, plunging 36.1% and 15.4%, respectively, in Friday's trading.
The severe moves were likely related to a Chinese rival in the PD-1/VEGF bispecific antibody area, Akeso (OTC: AKES.F), receiving FDA approval for a cancer drug that utilizes similar technology, as well as an additional approval in China. As a result, Akeso shares were up 11.7% on Friday.
Of note, Akeso is also a close partner of Summit, making the divergent moves all the more interesting.
