Summit Therapeutics shares fall 22% after widened first-quarter loss
Updated
Updated · MarketWatch · May 1
Summit Therapeutics shares fall 22% after widened first-quarter loss
12 articles · Updated · MarketWatch · May 1
The stock dropped to $16.73 on Friday after the biopharmaceutical oncology company reported a $189.4 million net loss, or 24 cents a share, versus $62.9 million a year earlier.
Adjusted loss was 15 cents a share, narrower than the 17-cent loss analysts polled by FactSet had expected.
Despite Friday's sharp decline, Summit Therapeutics shares remain down 4.6% so far this year.
With a key FDA decision looming, why did investors punish Summit for spending on its most promising drug?
Summit's cash is dwindling on a big bet. Can its cancer drug win approval before the money runs out?