Stock Track | Summit Therapeutics Shares Plummet 5% on Wider Q3 Loss

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Shares of Summit Therapeutics PLC (SMMT) plunged 5.18% on Tuesday morning after the biopharmaceutical company reported disappointing third-quarter financial results.

For the three months ended September 30, Summit Therapeutics posted a net loss of $56.3 million, or $0.08 per share, compared to a loss of $20.2 million a year earlier. Adjusted loss per share widened to $0.05 from $0.03 in the prior-year period, missing analysts' expectations of a $0.05 loss.

Total operating expenses surged to $58.1 million from $20.7 million in Q3 2023, driven by higher research and development costs. The company's cash position stood at $487 million as of September 30, providing ample runway to fund its clinical programs.

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