Why Summit Therapeutics Stock Soared 8% Higher Today
One day before the July Fourth holiday, the stock of clinical-stage biotech Summit Therapeutics (NASDAQ: SMMT) exploded like a powerful fireworks display. Shares of the cancer-focused company leaped by 8%, on a media report that a well-known peer was interested in a licensing deal. That rise bettered the S 500's (SNPINDEX: ^GSPC) 0.8% increase by several orders of magnitude.
The media outlet in question was Bloomberg, which that morning published an article asserting that is in talks with Summit about a partnership between the two companies.
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Source Fool.com
