Biggest stock movers Friday: SAVE and SMMT

Stock futures hovered near the flat line Friday morning as investors awaited the release of September’s nonfarm payrolls report later in the day.

Here are some of Friday’s biggest stock movers:

Biggest stock gainers

• Summit Therapeutics’ (SMMT) shares surged as much as 15% after the FDA granted Fast Track designation to its ivonescimab cancer drug. The drug is being developed for non-small cell lung cancer patients with a specific EGFR mutation and will be used in combination with platinum-based chemotherapy. The company has also completed enrollment in its HARMONi Phase III clinical trial, evaluating the drug’s efficacy and safety in patients from North America, Europe, and China. The Fast Track designation could accelerate the drug’s development and approval process, potentially benefiting patients sooner.

Biggest stock losers

• Spirit Airlines (SAVE) shares plummeted 30% after reports surfaced of the ultra-low-cost carrier considering bankruptcy. The company has faced financial difficulties since JetBlue (JBLU) abandoned merger plans in March. While the company initially considered restructuring its balance sheet, recent talks have shifted towards securing creditor backing for a potential Chapter 11 filing. Though a bankruptcy filing is not imminent, Spirit’s substantial debt load, including over $1.1B in secured bonds due within the next year, poses a significant challenge.