Rumor Mill Sends Savient Pharma (SVNT) Shares Soaring
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Savient Pharmaceuticals, Inc. (Nasdaq: SVNT) is continuing to see upside momentum on takeover speculation, although nothing specific has been reported.
Shares are now up 55 percent since receiving FDA approval of gout treatment Krystexxa on September 14.
In the past the company has stated that it would seek a sale following the okay of the drug. As would be expected, the mid-September approval set the rumor mill in overdrive.
Potential suitors for Savient include Abbott Laboratories (NYSE: ABT), Bristol-Myers Squibb (NYSE: BMY), and Johnson & Johnson (NYSE: JNJ), among others.
Today the stock is up 4.5 percent to $22.84.
Shares are now up 55 percent since receiving FDA approval of gout treatment Krystexxa on September 14.
In the past the company has stated that it would seek a sale following the okay of the drug. As would be expected, the mid-September approval set the rumor mill in overdrive.
Potential suitors for Savient include Abbott Laboratories (NYSE: ABT), Bristol-Myers Squibb (NYSE: BMY), and Johnson & Johnson (NYSE: JNJ), among others.
Today the stock is up 4.5 percent to $22.84.
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