Summit Therapeutics rebounds after pulling stock offering

JPMorgan Chase & Co

Thu 14:13

** Summit Therapeutics' SMMT.O shares up 4% at $13.57 in premarket trading on Thurs after pulling planned equity raise
** Biopharma oncology firm withdraws proposed stock offering citing market conditions, per SEC filing
** SMMT shares closed down 8.7% at $13.05 on Weds after co late Tues launched $500 mln offering to fund its lung cancer drug ivonescimab
** Through Weds, shares down 25% YTD and 55% below their 2026 intraday high of $29.23 hit on Apr 20
** Avg rating of 18 analysts is "buy"; median PT $32, according to LSEG data
     

(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))