Why Summit Therapeutics Rallied Double Digits Today on Another Down day for the Markets

Shares of lung cancer-focused biotech Summit Therapeutics (NASDAQ: SMMT) rallied 16.6% at its highs of the day before settling into a 10.4% gain on Thursday as of 3:54 p.m. EDT, even though the broader markets were down significantly on the day at that time, including the SPDR S&P Biotech ETF (NYSEMKT: XBI), which was down 4.4%.The interesting news for Summit was that two insiders exercised warrants on Summit's stock yesterday, which most interpreted as being highly bullish. However, it could actually mean the opposite. Yesterday, on April 9, Summit's Co-CEOs Bob Duggan and Maky Zanganeh each exercised warrants equating to nearly 4 million shares of Summit, at a strike price of $1.58. What is notable is that the Co-CEOs exercised these warrants, forcing them to buy $6.3 million worth of shares, about four and a half years before the warrants' expiration in December of 2029.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool