Why Summit Therapeutics Stock Is Tumbling Today
Shares of Summit Therapeutics (NASDAQ: SMMT), a clinical-stage biopharmaceutical company, tanked Monday morning after the company reported disappointing clinical trial results for its lead candidate. With investors nervous about the drugmaker's path forward, the stock had lost 49.8% as of 11:51 a.m. ET.
Summit Therapeutics' lead drug candidate is ridinilazole -- a novel antibiotic intended to treat Clostridium difficile infection (CDI). In the U.S. alone, around 500,000 cases of CDI are diagnosed annually. That's enough to run up more than $5 billion in acute care expenses.
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Source Fool.com
