Summit Therapeutics falls on wider Q4 loss, deal expectations from investors

Summit Therapeutics

24/02/2025 19:23

(Updates)
    ** Shares of drug developer Summit Therapeutics  SMMT.O 
fall 12.6% to $19.33
    ** Company reports fourth-quarter net loss of $61.1 million,
vs analysts' estimate of a loss of $60.54 million, as per data
compiled by LSEG 
    ** Brokerage Truist Securities analysts say: "from what we
understand with our buyside discussions is that there were some
expectations for deal announcements, perhaps with more economic
scope than what was disclosed between SMMT & Pfizer"
    ** Brokerage added: "We think changes to SMMT's
participation in investor conferences may not be a good
indicator of potential deal announcements" 
    ** SMMT says it is collaborating with Pfizer  PFE.N  to
study its experimental drug ivonescimab in combination with
several of Pfizer's targeted cancer therapies, called antibody
drug conjugates (ADCs), across different types of tumors
    ** Stock has risen 5x in the last 12 months 

 (Reporting by Padmanabhan Ananthan)
 ((Padmanabhan.Ananthan@thomsonreuters.com))