Shares of Summit Therapeutics (NASDAQ:SMMT) traded higher for the second straight session on Thursday after Cantor Fitzgerald said that an earlier-than-expected warrant exercise by the company’s co-CEO, Bob Duggan, indicated a bullish signal for the stock.

According to a regulatory filing on Wednesday, Duggan, a venture capitalist who already owns 556M shares of the company (70% of ownership), exercised warrants to buy nearly 4.0M SMMT shares about four years before their expiration.

Another regulatory filing indicated that Summit’s (NASDAQ:SMMT) co-CEO and board president, Maky Zanganeh, procured a similar number of SMMT shares after exercising her warrants roughly four years in advance.

“In our view, there is only one reason to exercise these warrants early. Bob thinks SMMT shares will go higher,” Cantor analyst Eric Schmidt wrote with an Overweight rating on the stock.

Both transactions took place on Tuesday as the company prepares to release overall survival (OS) data from its partner Akeso’s (OTCPK:AKESF) HARMONi-2 Phase 3 trial for its lead asset, ivonescimab.

The PD-1/VEGF bispecific antibody has already outperformed Merck’s (MRK) blockbuster cancer therapy Keytruda (pembrolizumab) against lung cancer, according to data on progression-free survival (PFS) released from the China-based study last year.

“Much is riding on whether ivonescimab is superior to pembro in OS, given we have already seen very strong PFS data from this study,” Schmidt added.