MRK - These 3 Nasdaq Stocks Are on Fire Today: Here's Why
2023-04-17 13:55:29 ET
Biopharmaceutical stocks were trending higher across the board Monday morning, thanks to Merck 's (NYSE: MRK) nearly $11 billion buyout offer for Prometheus Biosciences (NASDAQ: RXDX) . So far, some of the day's biggest winners have been the cancer immunotherapy specialist Agenus (NASDAQ: AGEN) , the next-generation vaccine player Inovio Pharmaceuticals (NASDAQ: INO) , and the drug developer Roivant Sciences (NASDAQ: ROIV) .
As of 11:42 a.m. ET Monday morning, Agenus' shares were up by 12.4%, Inovio's stock was higher by 10.6%, and Roivant was soaring by 16.4%. These double-digit gains appear to be mostly the result of investors searching for the next biopharma buyout candidate.
Merck's decision to buy Prometheus at a 75% premium relative to where the drugmaker's shares closed last Friday is having a ripple effect across the industry today for a few reasons. First and foremost, Merck is paying a staggering premium for a late-stage asset, the experimental monoclonal antibody PRA023. The treatment has lucrative potential in a variety of conditions such as ulcerative colitis and Crohn's disease.
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These 3 Nasdaq Stocks Are on Fire Today: Here's Why