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&P 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 AstraZeneca is in talks with Summit about a partnership between the two companies. Image source: Getty Images.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool