Shares of Five Prime Therapeutics (NASDAQ: FPRX) were skyrocketing 78% higher as of 11:22 a.m. EST on Thursday. The huge jump came after Amgen (NASDAQ: AMGN) announced plans to acquire Five Prime for close to $1.9 billion.
Some investors might have sensed that something good was on the way for Five Prime Therapeutics in recent weeks. The biotech stock fell more than 8% year to date a couple of weeks ago. Between then and market close on Wednesday, though, shares had jumped around 20% with no obvious news to fuel the gain.
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Why Five Prime Therapeutics Stock Is Skyrocketing Today