ZymoGenetics, Inc. (NASDAQ: ZGEN) skyrocketed this morning in premarket trading after it was announced that the company would be purchased by Bristol-Myers Squibb Co. for $885 million. At 8:35 AM EST the biopharmaceutical company is up 83.58% to $9.73 and has already traded 5,999,021 shares. This is clearly a huge gain, especially considering the company’s average volume of 385,512 shares.
This move comes during a 52 week trading range of $3.70 to $7.31, making this the highest stock price in quite some time.
-Michael B. Sauter