Savient Rises on Secondary Pricing (SVNT)

Posted in pre-market 
October 9th, 2009

Savient Pharmaceuticals Inc. (NASDAQ: SVNT) is seeing a lot of volume trade based on a seondary offering.  The company priced a 4.4 million share secondary offering of common stock, up from 4 million shares originally, at $13.29 per share in a sale through J.P. Morgan and Wedbush Morgan.  Savient closed at $13.29 yesterday, and shares are up 4.5% at $13.89 on over 110,000 shares as of 8:27 AM EST.  Average volume is 2.4 million shares and the 52-week trading range is $2.80 to $16.62.  This stock was also Raised to Outperform over at Oppenheimer.  -JON OGG

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