Shares of Summit Therapeutics (NASDAQ: SMMT) were soaring 22.5% higher as of 11:18 a.m. ET on Thursday. The gain came after the clinical-stage biopharmaceutical company revealed that it entered into agreements with several biotech institutional and individual accredited investors for the sale of over 10.3 million shares for roughly $235 million in a private placement.

Investors were undoubtedly especially glad to see key insiders agree to buy more Summit Therapeutics stock. Together, co-CEOs Robert W. Duggan and Mahkam Zanganeh, chief operating officer (COO)/CFO Manmeet Soni, chief accounting officer Bhaskar Anand, and board member Jeff Huber are purchasing over 3.48 million shares.

Summit's latest gain came on top of the stock's 85% jump earlier this week. This sizzling momentum is due to the company's overwhelmingly positive results reported on Sept. 8, 2024, from a phase 3 study evaluating ivonescimab as a first-line treatment for advanced non-small cell lung cancer.

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Source Fool.com