Shares of Onyx Pharmaceuticals Inc. (NASDAQ: ONXX), a biopharmaceutical company engaged in the development of therapies that target the molecular mechanisms that cause cancer, are seeing a huge rally in trading today. At last check, ONXX shares were trading 50.62% higher at $130.76 on above average volume of 9.89 million. ONXX shares hit a 52-week high of $132.98 in early trading today.
ONXX shares are surging after the company over the weekend confirmed the receipt of unsolicited acquisition proposal from Amgen Inc. (NASDAQ: AMGN). AMGN offered to acquire all outstanding shares of ONXX for $120 per share in an all cash transaction. However, the Board of Directors of ONXX rejected the takeover proposal, saying that the price offered by AMGN significantly undervalued ONXX and its prospects.
Dr. N. Anthony Coles, Chairman and CEO of Onyx Pharmaceuticals, said that ONXX has tremendous momentum. Coles further said with the expansion of its pipeline and two successful product launches, the company and its talented employees have created significant value for ONXX shareholders.
AMGN shares, meanwhile, are marginally higher in early trading today. At last check, AMGN shares were trading 0.38% higher at $99.03. The stock hit an intra-day high of $101.72 earlier today.
Shares of InterDigital Inc. (NASDAQ: IDCC), a designer and developer of advanced technologies for wireless communications, have plunged in trading today. At last check, IDCC shares were trading 14.22% lower at $38.30. IDCC shares hit an intra-day low of $35.50 earlier today.
IDCC shares have tumbled after the company said that an Administrative Law Judge overseeing the U.S. International Trade Commission Investigation No. 337-TA-800 of Nokia, Huawei and ZTE issued a preliminary determination. The judge found no violation of Section 337 of the Tariff Act of 1930, the company said.
Shares of WhiteWave Foods Co. (NYSE: WWAV.B), a consumer packaged food and beverage company, are soaring in trading today. At last check, WWAV.B shares were trading 8.29% higher at $16.46 on volume of 440,154. The stock hit an intra-day high of $16.51 earlier today.
WWAV.B shares are rallying after a rating upgrade from Morgan Stanley. Analysts at Morgan Stanley upgraded WWAV.B to an Overweight rating.
Shares of Covidien Plc (NYSE: COV), a Dublin, Ireland-based company engaged in the development, manufacturing and sale of healthcare products for use in clinical and home settings, are down sharply in trading today. At last check, COV shares were trading 7.89% lower at $57.88 on above average volume of 710,725. The stock hit a 52-week low of $57.16 earlier today.
COV today announced that it completed the separation of its Pharmaceutical business. The business is now held by a new independent company, Mallinckrodt Plc. Jose E. Almeida, Chairman, President and CEO of Covidien, said that Mallinckrodt has strong market positions based on its core strengths in manufacturing and pharmaceutical formulation. Almeida further said that COV is well positioned to deliver on its strategic initiatives, including broadening innovation focus, aggressively managing its portfolio, capitalizing on emerging markets opportunities and optimizing spending to provide for investments in innovation and growth.
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