Why Summit Therapeutics Rallied Double Digits Today on Another Down day for the Markets [Yahoo! Finance]
Summit Therapeutics Inc. (SMMT)
Last summit therapeutics inc. earnings: 6/12 07:00 am
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US:NASDAQ Investor Relations:
summitplc.com/investors/investor-centre
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Source: Yahoo! Finance
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. A warrant is similar to a call option that gives someone the right, but not the obligation, to buy a stock at a pre-determined price sometime in the future. What is interesting here is that these two executives thought it necessary to pony up $6.3 million to exercise that opti
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SMMT
News
- Summit Therapeutics (NASDAQ:SMMT) was upgraded by analysts at Barclays PLC from an "underweight" rating to an "equal weight" rating. They now have a $18.00 price target on the stock.MarketBeat
- Summit Therapeutics (NASDAQ:SMMT) was given a new $18.00 price target on by analysts at Summit Redstone.MarketBeat
- Citi Asserts Buy Rating on Summit Therapeutics Inc. (SMMT) on Pipeline Development [Yahoo! Finance]Yahoo! Finance
- Summit Therapeutics Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)Business Wire
- Summit Therapeutics Inc. (SMMT) Presents at Evercore 8th Annual Healthcare Conference Transcript [Seeking Alpha]Seeking Alpha
SMMT
Earnings
- 10/20/25 - Beat
SMMT
Sec Filings
- 11/7/25 - Form 8-K
- 10/29/25 - Form S-3ASR
- 10/23/25 - Form 4
- SMMT's page on the SEC website