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Biogen Inc. (BIIB) - free report >>
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Biogen Inc. (BIIB) - free report >>
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Biogen (BIIB) Stock Surges 8% on Takeover Rumors
Biogen (BIIB - Free Report) stock jumped 8% on late-afternoon trading on Tuesday on rumors that the company could be bought out by either Allergan or Merck (MRK - Free Report) , both large-cap pharmaceutical companies.
The rumors come a day after the company’s partner Ionis Pharmaceuticals (IONS - Free Report) announced a successful trial of nusinersen, a drug meant to treat spinal muscular atrophy (SMA) in infants. Biogen will now take over and handle the marketing of the drug as well as filing for FDA approval.
Currently, communications between Biogen and the aforementioned firms are preliminary, and may not result in a deal since Biogen could be uninterested. As of Tuesday afternoon, Biogen had a market value of $68 billion.
Last month, Biogen CEO George Scangos said he would step down in the coming months, and the company is looking for a replacement.
In the last 7 days, Biogen has seen 13 upward earnings estimate revisions for this quarter, now standing at $4.97 compared the previous estimate of $4.76 in earnings per share. Current fiscal year estimates have been revised up to $20.12 as well, up from the previous estimate of $19.01 in earnings per share.
Biogen currently sits at a Zacks Rank #2 (Buy).
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