MIAMI - Summit Therapeutics Inc. (NASDAQ: NASDAQ:SMMT) announced the immediate appointment of Mostafa Ronaghi, PhD, to its Board of Directors, expanding the company's leadership with a veteran in the field of genomics and sequencing.
Dr. Ronaghi brings to Summit a wealth of experience from his previous roles, including his tenure as Chief Technology Officer and Senior Vice President at Illumina, Inc. (NASDAQ: NASDAQ:ILMN), where he served from 2008 to 2021. He is currently an Executive Board Member of Cellanome and has a history of entrepreneurship, having co-founded several companies focused on advancing genomics technologies.
Robert W. Duggan, Chairman and CEO of Summit, expressed confidence that Dr. Ronaghi's expertise will enhance the company's efforts to advance its investigational therapy, ivonescimab, which is in clinical development for non-small cell lung cancer (NSCLC) with enrollment commencing in 2023 for two Phase III trials.
Ivonescimab, also known as SMT112 within Summit's license territories, is a novel bispecific antibody designed to simultaneously target PD-1 and VEGF, potentially improving its efficacy in tumor environments compared to normal tissue. Over 1,600 patients have been treated with ivonescimab in global clinical studies, though it has not yet received approval from any regulatory authority.
Summit Therapeutics, founded in 2003, is a biopharmaceutical company focused on developing therapies to address unmet medical needs in oncology. The company's shares are traded on the Nasdaq Global Market under the ticker symbol SMMT.
InvestingPro Insights
As Summit Therapeutics Inc. (NASDAQ: SMMT) welcomes Dr. Mostafa Ronaghi to its Board of Directors, investors may be evaluating the company's performance and prospects. Here are some key insights based on real-time data from InvestingPro:
- The company's market capitalization stands at $2.81 billion, reflecting the market's valuation of the company.
- Summit Therapeutics has a negative Price/Earnings (P/E) ratio of -3.91, with an adjusted P/E ratio for the last twelve months as of Q4 2023 at -17.0, indicating that the company is not currently profitable.
- Despite a challenging profitability profile, the stock has experienced a significant return over the last week with an 11.58% price total return, and an impressive 146.88% return over the past year.
InvestingPro Tips suggest that while Summit Therapeutics operates with a moderate level of debt and has liquid assets exceeding short-term obligations, analysts are not anticipating the company will be profitable this year. Additionally, the stock often moves in the opposite direction of the market, which could be of interest to investors looking for non-correlated assets.
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