Summit Therapeutics Inc. (SMMT) shares rose 17.01% to trade at $6.33 in after-market on Friday, May 14, 2021. Earlier, SMMT’s stock lost 0.37% to close Friday’s normal trading session at $5.41. SMMT shares have risen 60.06% over the last 12 months, and they have moved down 7.04% in the past week. Over the past three months, the stock has lost 29.74%, while over the past six months, it has added 45.82%.
Let’s see what’s going on with the company?
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Closing of $75 million rights offering
On May 12, 2021, Summit Therapeutics Inc closed its fully subscribed rights offering and the associated results.
The rights offering resulted in the sale of 14,312,976 shares of the Company’s common stock, par value $0.01 at $5.24 per share. the company will get gross proceeds of $75 million from the offer.
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Revealing recent scientific updates
On May 5, 2021, Summit Therapeutics Inc published the scientific and related content on the company’s corporate website for our investigational drug, ridinilazole, which is currently enrolling patients in its Phase 3 clinical trials.
Financial results announcement
On March 17, 2021, Summit Therapeutics Inc released its financial results for the fourth quarter and the full-year ended December 31, 2020.
Q4 2020 financial highlights
- SMMT revenue for Q4 2020 was $185 million compared to 161 million in the same quarter in 2019.
- Total operating expenses were $16.1 million in Q4 2020 compared to $14.9 million in Q4 2019.
- Operating loss was $11.6 million in Q4 2020 compared to $9.05 million in Q4 2019.
- Summit Therapeutics suffered a net loss of $ 13.5 million or a basic or diluted loss per share of $0.18 in Q4 2020 compared to $11.9 million or a basic or diluted loss per share of $0.34 in Q4 2019.
FY 2020 financial highlights
- SMMT revenue for the FY2020 was $860 million compared to 743 million in FY 2019.
- Total operating expenses were $73.4 million in FY 2020 compared to $51.1 million in FY 2019.
- Operating loss was $53.2 million in FY 2020 compared to $27.4 million in FY 2019.
- Summit Therapeutics suffered a net loss of $ 52.7 million or a basic or diluted loss per share of $0.76 in FY 2020 compared to $29.13 million or a basic or diluted loss per share of $0.89 in FY 2019.
- As of December 31, 2020, SMMT had cash and cash equivalents of $66.4 million compared to $63.8 million on December 31, 2019.
Conclusion
We could not find any recent news to justify its flip on Friday and it is hard to predict how SMMT stock will perform in the coming days.
