Summit Therapeutics falls after share sale plans, Q2 report

** SMMT late Thurs said Q2 net loss narrowed to $215.7 mln, from $565.7 mln a yr ago, on lower stock-based compensation; Wall Street analysts had modeled loss of $201.1 mln, per LSEG data

** Co also said enrollment in both the squamous and non-squamous NSCLC cohorts of HARMONi-3 study now complete

** Early Weds, SMMT said updated data from late-stage trial for ivonescimab, when combined with chemotherapy, continued to improve survival in patients with a type of NSCLC

** Through Thurs close, SMMT stock down 14% YTD

** Miami, Florida-based firm has ~776.2 mln shares outstanding for $11.6 bln market cap

** Of 18 analysts, recommendation breakdown is 11 "strong buy" or "buy", 5 "hold" and 2 "sell" or "strong sell"; median PT $33, per LSEG data

** Shares of Summit Therapeutics SMMT.O down 4.7% at $14.27 premarket on Fri after it unveiled plans to raise equity and reported Q2 results

** SMMT late Thurs announced up to $380 mln ATM (at the market) equity sales program to be handled by JP Morgan

** It intends to use net offering proceeds to develop lead product candidate, ivonescimab, including clinical trials in non-small cell lung cancer (NSCLC), colorectal cancer, other solid tumors, among other purposes