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

Shares of lung cancer-focused biotech Summit Therapeutics (SMMT 10.72%) 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 (XBI -4.37%), 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 ...