Summit Therapeutics Inc (SMMT)

Summit Therapeutics (SMMT) stock dropped by 26.23% due to the release of its financial results for the fourth quarter and year-ended December 31, 2023. The operational and corporate updates provided insight into the company's progress and future prospects.

• Operational Progress and Clinical Development: Summit continues to advance its investigational bispecific antibody, ivonescimab (SMT112), aiming to combine immunotherapy and anti-angiogenesis effects in a single molecule. The company has engaged in development activities and initiated Phase III clinical trials in non-small cell lung cancer (NSCLC). Notably, promising Phase II data presented at key conferences underscore the potential of ivonescimab in various patient populations.
• Collaboration and License Agreement: Summit's collaboration with Akeso Inc. for ivonescimab has positioned the company to leverage Akeso's expertise and resources for the development and commercialization of the drug. The agreement includes significant upfront and milestone payments, reflecting the strategic value of ivonescimab in oncology.
• Financial Highlights and Cash Guidance: The company reported a decrease in cash and cash equivalents compared to the previous year, with an updated cash guidance extending its operational runway into the first quarter of 2025. Additionally, Summit outlined its research and development (R&D) and general and administrative (G&A) expenses, providing insights into its financial performance.

SMMT's stock fell 5.36% related to the heavy insider buying in the company. In March, Mahkam “Maky” Zanganeh, the Co-CEO of SMMT loaded up on a whopping 23.5 million shares of the company at $1.05 per share. CEO Robert Duggan also bought a 376 million shares of the company during the same month at $1.05 per share. As of May 19, the stock is trading at $1.62. Over the past six months, the stock has gained about 82%.

https://finance.yahoo.com/news/11-stocks-heavy-insider-buying-133030344.html

Share of SMMT were down since it released first-quarter earnings late last week. Summit spent big on its collaboration and licensing agreement with Akeso to market ivonescimab, a bispecific antibody to treat non-small cell lung cancer (NSCLC). In its quarterly report, the company said it lost $542.4 million, compared to a loss of $21.4 million in the same period a year ago, citing $520.9 million of expenses of in-licensing ivonescimab from Akeso. It has a long way to go to get approval for the drug and it will likely need to raise cash in the meantime.

https://www.fool.com/investing/2023/05/16/why-shares-of-summit-therapeutics-slumped-on-tuesd/

SMMT falling related to its financial report. This year revenue growth of the company is estimated to fall -92.30% from the last financial year’s standing. Company posted $4.55 million and $192k of sales in current and next quarters respectively a year earlier.

https://marketingsentinel.com/2023/05/13/summit-therapeutics-inc-nasdaqsmmt-shares-are-down-20-74-percent-in-a-week-but-can-the-gains-continue/