Inhibitex Shares Popped: What You Need to Know
Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of anti-infection biotech Inhibitex (NAS: INHX) seem immune to today's general market malaise, jumping as much as 12.9% in pretty heavy trading.
So what: A Reuters report written in German reminded investors this morning that Swiss pharma giant Roche just might be interested in buying the company for about $2 billion. The gains quickly subsided when everyone realized that Reuters was simply reporting on rumors from earlier this week, which so far haven't led to any actual buyout offers.
Now what: And so the rumor mill reinforces itself like an echo chamber. That said, an Inhibitex buyout isn't out of the question as larger rival Pharmasset (NAS: VRUS) is getting swallowed by Gilead Sciences (NAS: GILD) in an $11 billion blockbuster deal. Antivirals are a hot property, and Inhibitex has its fair share of good-looking drug candidates in the pipeline.
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