Why Summit Therapeutics Stock Popped Today
Shares of the clinical-stage biotech Summit Therapeutics (NASDAQ: SMMT) are moving northward yet again today. Specifically, the drugmaker's shares were up by a handsome 18.8%, on sky-high volume, as of 12:08 p.m. ET Monday afternoon.
As a result, Summit's stock price has gained a noteworthy 30% over the prior two trading days. The biotech's stock has been shooting higher in response to a recent insider buy by CEO Robert Duggan.
This insider buy couldn't have come at a better time. Summit's share price has been under heavy pressure this year for two key reasons. First, the ongoing bear market has taken a man-with-a-hammer stance toward all cash flow-negative biotech companies in 2022. Summit, for its part, has been no exception to this industry-wide trend.
Source Fool.com
