Gen-Probe (GPRO) volatility elevated on uncertainty
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Gen-Probe (Nasdaq: GPRO) is recently down 1.7% to $85.20 in pre-open trading, following a rally of 9.4% on May 18 after a WSJ story that said Thermo Fisher (NYSE: TMO), Novartis (NYSE: NVS), and Life Technologies (Nasdaq: LIFE) are interested in Gen-Probe. On April 28 the company said it was pursuing strategic alternatives and hired Morgan Stanley to seek a buyer for the company, Bloomberg reported. This morning Thermo Fisher announced the acquisition of Phadia. Madison Williams raised its price target to $90 from $76. June at the money call option implied volatility of 40 is above its six-month average of 25 according to Track Data.
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