Summit Therapeutics falls on launching $500 mln stock offering
09/06/2026 22:09
BUZZ-Summit Therapeutics falls on launching $500 mln stock offering ** Summit Therapeutics' SMMT.O shares down 9% post-market to $13 as it seeks equity raise
** Biopharma oncology firm launches $500 mln stock offering
** Co intends to use net offering proceeds to fund R&D of its lead product candidate, lung cancer drug ivonescimab, and for working capital and general purposes.
** JP Morgan, Goldman Sachs and Citigroup joint bookrunners
** SMMT shares finished up 1.3% at $14.29 on Tues, trimming YTD loss to 18%
** Miami, Florida-based firm has ~776.2 mln shares outstanding for about $11 bln market cap
** 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))
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Summit Therapeutics falls on launching $500 mln stock offering