Summit Therapeutics' leaders bought at the lows, a strong signal ahead of the November 14 FDA decision date for ivonescimab. Co-CEO Robert Duggan bought 3.81M shares twice at $13.12, about $100M, the same week Summit pulled a $500M stock offering, choosing personal cash over dilution. Phase 3 HARMONi-6 showed ivonescimab cut the risk of death 34% versus tislelizumab combinations in first-line squamous NSCLC. A pennant breakout above $15.88 could run toward the $20s. x.com  x.com 

Summit Therapeutics' two co-CEOs bought a massive $100M of stock at the lows, and insiders keep buying, a sign something is cooking. After a 30% fall over the past year the shares are cheap, and cheap is when to buy. x.com  x.com 

Summit Therapeutics now looks too bubbly to keep holding. As a single-drug company it is too binary and risky, since competition could outdo that drug at any time. It was attractive at the right price, but no longer. x.com 

Crescent Biopharma is a speculative bet that could be a huge winner if its PD-1/VEGF antibody, similar to Summit Therapeutics', shows data as good or better. The program is only in phase 1, but the company trades at 5% of Summit's market cap and has a broader pipeline, which justifies risking a little. x.com 

WuXi AppTec is the answer to AI-driven biotech because clinical trials become the bottleneck. AI gene screening will add more precise drug pipelines, but every drug must still pass trials, which take 65% of R&D costs including failures and over 90% for a single drug. Patient recruitment in China costs about 5% of the US level and takes a third of the time, with phase 1 trials taking 7 months versus 2 years, giving China-based clinical providers a cost advantage. x.com  x.com  x.com  x.com