JNJ - Why Is Horizon Therapeutics (HZNP) Stock Up 30% Today?
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
Horizon Therapeutics (NASDAQ:HZNP) stock is rising higher on Wednesday following reports that the company is considering a buyout.
According to a news release from the company, it has engaged in early discussions that could result in a deal with one of three pharmaceutical companies. The companies considering a buyout of HZNP stock are Amgen (NASDAQ:AMGN), Johnson & Johnson’s (NYSE:JNJ) Janssen Global Services, and Sanofi (NASDAQ:SNY).
Horizon Therapeutics makes sure to clarify that these are “highly preliminary discussions” that may not result in a firm bid for the company. Each of the three companies has until Jan. 10, 2023, to announce a firm takeover or their intention to not make a firm offer for the company.
What This Means for HZNP Stock
As we’re already seeing today, the offers for Horizon Therapeutics are causing HZNP stock to soar higher in price. That could continue as the three companies progress talks and make bids for the company.
That means investors will want to keep a close eye on HZNP stock in the coming weeks. Especially ahead of that Jan. 10 cutoff for firm bids. It’s also possible they’ll be firm bids made well before that date.
As for today, shares of HZNP stock are rising alongside heavy trading. As of this writing, more than 6 million shares have changed hands. That’s already more than double its daily average trading volume of about 2.6 million shares.
HZNP stock is up 27.4% as of Wednesday morning.
There’s more stock market news traders will want to know about below!
InvestorPlace is home to all of the hottest stock market news for Wednesday! A few examples of that include what’s happening with shares of AST SpaceMobile (NASDAQ:ASTS) and CrowdStrike (NASDAQ:CRWD) stock, as well as a market crash warning. You can read up on all of that news at the following links!
More Wednesday Stock Market News
- Why Is AST SpaceMobile (ASTS) Stock Down 13% Today?
- CrowdStrike (CRWD) Stock Sinks on Weak Guidance
- Market Crash Alert: Mark Your Calendars for Dec. 2
The post Why Is Horizon Therapeutics (HZNP) Stock Up 30% Today? appeared first on InvestorPlace.