….. a huge Premium BUY OUT offer to wake up a sector
….. a huge Premium BUY OUT offer to wake up a sector.
Friday AMGN made an unsolicited offer to BUY ONXX for $10B or $120 a share.
Here is a list of Gappers at the Open today. Notice how many BIOTECHS are at the top – ONXX, PCYC, LGND, MDVN, BMRN, ALXN, CELG, VRTZ, ARIA, ALNY, UTHR
This sector got clobbered as the street was disappointed by ASCO data after a huge run up since the beginning of the year.
Looks like this may wake it up.
As I often say on my webinars, do not look at just stock price. Look at market cap on some of these smaller companies. I think there will be a feeding frenzy as the big guys needs short term revenue and EPS growth while their pipelines mature.