Shares of Celgene Corporation (CELG) have risen 11.50 points, or 10.37%, in midday trading Wednesday, following its announcement that the company reached a patent agreement with Natco Pharma Ltd., Arrow International Limited, and Watson Laboratories, Inc related to multiple myeloma drug Revlimid. Separately, analysts at Cantor Fitzgerald and William Blair reiterated their CELG ‘Buy’ and ‘Outperform’ ratings, respectively.
Currently, more than 10.48 million CELG shares have changed hands, which dwarfs the name’s average volume of 4.34 million.
Shares in the $96.36 billion market cap company are down 2.08% year-over-year and off about 21.02% from their July 23, 2015, $140.72/52-week high.
Shares of Adamas Pharmaceuticals, Inc. (ADMS) continue to spike on Wednesday, up $9.92, or 58.81%, at $26.78.
The name gained momentum after announcing positive top-line Phase 3 results of ADS-5102 for patients with Parkinson’s Disease.
Shares of Shire plc (SHPG) are higher by $7.50, or 3.83%, in late trading on Wednesday.
According to Reuters, the $40.18 billion market cap company has made a new acquisition offer for Bannockburn, Illinois-based drug maker Baxalta Int’l Inc (BXLT) that is roughly in line with the latter’s valuation expectations.
Baxalta’s board rejected an all-stock $30 billion offer from the Shire in August, saying that it “significantly undervalued” the company.
After rising to a $204.52 intraday high SHPG shares recently traded at $204.01. Baxalta shares were down 0.43 percent at $39.67 in afternoon trading in New York.
Shares of Pioneer Natural Resources Co. (PXD) are up by nearly 9 points, or 7.55%, to $125.35 in midday trading on Wednesday. Not seeing any news to account for the move.
In the past 52 weeks, shares of Irving, Texas-based oil company have traded between a low of $105.83 and a high of $181.97, which is 71.95% above that low price. Over the past 5 trading sessions the stock has lost 19.39%.
PXD is down 22.21% year-over-year and 21.65% year-to-date.