Summit Therapeutics, Inc. shares rebounded in after-hours trading on Monday after a 14% selloff during regular hours, with retail sentiment surging on news of a major clinical trial collaboration with Pfizer.

Florida, USA-based Summit Therapeutics saw its share rise 6.2% to $23.50 pre-market on the news of a clinical trial collaboration with Pfizer to evaluate ivonescimab, a novel, investigational PD-1 / VEGF bispecific antibody,

The partners will test Summit’s ivonescimab alongside Pfizer’s antibody-drug conjugates in hopes of finding “potentially landscape-changing combinations.”

Summit's Co-CEOs, Bob Duggan and Dr. Maky Zanganeh, expressed optimism about the collaboration's ability to accelerate the development of ivonescimab, particularly in non-small cell lung cancer and other solid tumors. They emphasized the importance of novel mechanisms in making a significant impact for cancer patients and physicians.

Pfizer partners with Summit Therapeutics to advance cancer treatments using ADCs and ivonescimab. Click here to find out why PFE stock is a Buy.