Summit Falls After Lung Cancer Data Disappoints Wall Street (2)

Summit Therapeutics Inc.’s shares plummeted after new data cast doubt on the future of its closely-watched lung cancer drug.

It’s not the first round of bad news for the drug, ivonescimab. Summit and its partner Akeso Inc.previously released data showing it didn’t significantly improve survival, though they urged investors to wait for more information on patients from outside of China.

The new findings, released at a medical meeting over the weekend, showed an “improving, favorable trend” in helping North American and European patients live longer, they said. But analysts flagged discrepancies that they said raised questions about ...