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Shares of Surface Oncology (NASDAQ: SURF) were soaring 19.1% higher as of 3:26 p.m. EDT on Monday. The big jump came after StreetInsider reported that Surface Oncology has hired an investment bank to explore selling the company, with GlaxoSmithKline (NYSE: GSK) expressing interest in acquiring the biotech.
Reports of potential acquisitions almost always spark a sharp gain for small biotech stocks like Surface Oncology. The key question for investors, though, is whether or not the reports will actually pan out.