Insiders Bet Big on Biotech and Fintech

Summit Therapeutics CEO Robert Duggan filed a $50M purchase of SMMT shares on June 12. That trade was disclosed June 12. He is not alone — three insiders at Summit collectively spent over $52M buying the stock this month. It is the biggest cluster of insider buying seen across US markets in recent weeks.

HOOD attracted a $20.2M buy from early backer Ribbit Capital, filed June 9. The venture firm paid roughly $80.74 per share. Robinhood has been on a strong run, and this new buy signals continued confidence from a long-term supporter.

At FBIN, Fortune Brands Innovations, activist investor Ed Garden spent $13M buying 320,000 shares at $40.60 each. That filing landed June 11.

On the selling side, GBTG CEO Paul Abbott filed a $5.4M sale of Global Business Travel shares on June 15. GFF Chairman and CEO Ronald Kramer filed two separate sales totalling nearly $9.5M in Griffon Corporation stock on the same day.

RYAN stands out for breadth. Five separate insiders at Ryan Specialty filed purchases this month, adding up to $4.6M combined. Founder and Executive Chairman Patrick Ryan was among the buyers.

This article is not financial advice.