Summit Therapeutics Inc. (NASDAQ:SMMT) is one of the most promising healthcare stocks according to Wall Street analysts.
On June 10, Summit Therapeutics Inc. (NASDAQ:SMMT) withdrew a $500 million proposed underwritten public offering it had announced just one day earlier
The company cited unfavorable market conditions. Dragon Images/ The plan was to use the proceeds to fund ongoing research and development of ivonescimab, the company’s lead drug. Ivonescimab is a bispecific antibody that simultaneously targets the two proteins on which cancer cells rely to grow and hide from the immune system.
The drug is currently the most closely watched asset in Summit’s pipeline and is already approved in China. Summit had proposed the offering just nine days after its Chinese partner Akeso presented Phase 3 data from a China-based lung cancer trial of ivonescimab. The results showed a 34% reduction in the risk of death compared to a competing therapy.