Summit Therapeutics falls after share sale plans, Q2 report

Summit Therapeutics

24/07/2026 12:19

** Shares of Summit Therapeutics SMMT.O down 4.7% at $14.27 premarket on Fri after it unveiled plans to raise equity and reported Q2 results
** SMMT late Thurs announced up to $380 mln ATM (at the market) equity sales program to be handled by JP Morgan
** It intends to use net offering proceeds to develop lead product candidate, ivonescimab, including clinical trials in non-small cell lung cancer (NSCLC), colorectal cancer, other solid tumors, among other purposes
** SMMT late Thurs said Q2 net loss narrowed to $215.7 mln, from $565.7 mln a yr ago, on lower stock-based compensation; Wall Street analysts had modeled loss of $201.1 mln, per LSEG data
** Co also said enrollment in both the squamous and non-squamous NSCLC cohorts of HARMONi-3 study now complete
** Early Weds, SMMT said updated data from late-stage trial for ivonescimab, when combined with chemotherapy, continued to improve survival in patients with a type of NSCLC
** Through Thurs close, SMMT stock down 14% YTD
** Miami, Florida-based firm has ~776.2 mln shares outstanding for $11.6 bln market cap
** Of 18 analysts, recommendation breakdown is 11 "strong buy" or "buy", 5 "hold" and 2 "sell" or "strong sell"; median PT $33, per LSEG data

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