Stock Track | Summit Therapeutics Plunges 6.5% as Firm Plans to Sell 10 Million Shares

Stock Track09-20

Shares of Summit Therapeutics PLC (NASDAQ:SMMT) plummeted 6.56% on Wednesday after the biopharmaceutical company announced plans to sell 10.35 million shares of common stock in a public offering.

The sale of additional shares will dilute the value of existing shareholders' holdings and increase the total number of outstanding shares, putting downward pressure on the stock price.

Summit Therapeutics, which focuses on developing new therapies for Duchenne muscular dystrophy and C. difficile infection, said the share offering will allow it to raise funds for ongoing clinical trials and general corporate purposes.

However, investors reacted negatively to the news, sending SMMT shares down to $2.28 at the close on Wednesday. The biotech firm's stock has lost nearly 30% of its value over the past 12 months.

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