Cantor Fitzgerald analyst Eric Schmidt reiterated an Overweight rating on Summit Therapeutics plc (NASDAQ: SMMT).

The analyst commented, "Summit reported Q2 financials and provided a pipeline update. In terms of financials, the company reported a Q2 Net Loss of $216M and ended the quarter with $691M in cash. More interesting of course is the progress on ivonescimab (PD-1 x VEGF bispecific) as it advances toward data from the global Phase 3 HARMONi-3 trial in 1L sq-NSCLC (ivonescimab + chemo vs. pembro + chemo)."

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Shares of Summit Therapeutics plc closed at $14.98 yesterday.