Summit TherapeuticsNASDAQ: SMMT

MIAMI--(BUSINESS WIRE)---- $SMMT--Summit Therapeutics Inc. (NASDAQ: SMMT) (“Summit,” “we,” or the “Company”) today announced that the Company received and accepted an unsolicited offer from an institutional investor to purchase 22,222,222 shares of the Company's common stock at $9.00 per share, a premium to the closing price on Friday, May, 31, 2024, for aggregate gross proceeds to the Company of approximately $200.0 million. Summit intends to use the net proceeds to advance the clinical development of i.

Summit Therapeutics' stock is falling sharply for the second consecutive trading day. The sell-off began after the company revealed disappointing late-state data for its lead pipeline candidate.

Summit Therapeutics Inc. (NASDAQ:SMMT) held its Q1 2024 Earnings Conference Call on May 1, 2024 at 9:00 AM ET. Present on the call were Dave Gancarz, Bob Duggan, Maky Zanganeh, Manmeet Soni, and Allen Yang. The conference call was moderated by Abby, the conference operator, who welcomed the participants and thanked them for joining.

An analyst initiated coverage of Summit Therapeutics with an enthusiastic buy recommendation. He feels its investigational cancer drug has vast potential.

Summit Therapeutics Inc. (SMMT) Q4 2023 Earnings Call Transcript

MIAMI, Fla.--(BUSINESS WIRE)---- $SMMT--Summit Therapeutics Inc. (NASDAQ: SMMT) (“Summit,” “we,” or the “Company”) will host an earnings call to announce its fourth quarter and full year 2023 financial results and provide an operational update for the Company on Tuesday, February 20, 2024, before the market opens. Summit will host a live webcast of the earnings conference call at 9:00am ET, which will be accessible through our website www.smmttx.com. An archived edition of the session will be available o.

Summit Therapeutics Inc., backed by biotech billionaire Bob Duggan, has transitioned from developing antibiotics to becoming an oncology therapeutics developer. The company purchased the oncology asset Ivonescimab for nearly half a billion dollars and now has a market cap of over $1 billion. Summit plans to begin phase 3 trials for Ivonescimab in the U.S., but the Chinese clinical data may not hold much value.

Summit's cash position is worrying. The company only has one therapy in clinical trials.

The company's current pipeline only includes two drugs. Summit Therapeutics' shares are up more than 93% over the past 12 months.