Summit Therapeutics Inc SMMT shares are trading higher by 9.25% to $24.80 Thursday morning after the company announced it raised $235 million in net proceeds.
What Happened: Summit Therapeutics announced that it raised approximately $235 million by selling 10.35 million shares at $22.70 per share, matching the closing price on September 11.
The capital raise, completed without bankers’ fees, involved investments from both biotech institutional investors and company insiders, including key executives and Board members. Insiders, led by figures like Robert W. Duggan and Dr. Maky Zanganeh, contributed $79 million, while institutional investors raised the remaining $156 million.
The funds will be used to advance clinical development of ivonescimab for lung cancer and other cancers, as well as for general corporate purposes.
How To Buy SMMT Stock
By now you're likely curious about how to participate in the market for Summit Therapeutics – be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy ‘fractional shares,' which allows you to own portions of stock without buying an entire share. For example, some stock, like Berkshire Hathaway, or Amazon.com, can cost thousands of dollars to own just one share. However, if you only want to invest a fraction of that, brokerages will allow you to do so.
In the the case of Summit Therapeutics, which is trading at $22.7 as of publishing time, $100 would buy you 4.41 shares of stock.
If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to ‘go short' a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.
According to data from Benzinga Pro, SMMT has a 52-week high of $24.07 and a 52-week low of $1.61.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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