Amgen offers to buy Denmark-based company Nuevolution
Amgen Inc. has offered to buy Denmark-based drug discovery platform biotech company, Nuevolution, at $3.36 per share in cash. Amgen’s offer is a169% premium over the closing price of Nuevolution shares on May 21, valuing it at approximately $167 million. The shares of Nuevolution are listed on the Nasdaq Stockholm Small Cap exchange.
The board of Nuevolution unanimously recommended an acceptance of the offer and three top shareholders, representing 59% shareholdings, have also undertaken to accept the offer. Amgen expects to settle the offer by Jul 15.
AMGN in upward trend: price rose above 50-day moving average on August 08, 2024
AMGN moved above its 50-day moving average on August 08, 2024 date and that indicates a change from a downward trend to an upward trend. In of 42 similar past instances, the stock price increased further within the following month. The odds of a continued upward trend are .
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Notable companies
The most notable companies in this group are Eli Lilly & Co (NYSE:LLY), Johnson & Johnson (NYSE:JNJ), Merck & Co (NYSE:MRK), ABBVIE (NYSE:ABBV), AstraZeneca PLC (NASDAQ:AZN), Pfizer (NYSE:PFE), Amgen (NASDAQ:AMGN), Bristol-Myers Squibb Co (NYSE:BMY), Gilead Sciences (NASDAQ:GILD), Biogen (NASDAQ:BIIB).
Industry description
The Major Pharmaceuticals industry includes companies that are involved in various processes of creating drugs to treat/prevent diseases. These companies engage in research, testing and manufacturing, as well as the distribution of pharmaceuticals into markets. Johnson & Johnson, Merck & Co., Inc., Pfizer Inc. and Novartis are among the largest companies in this category.
Market Cap
The average market capitalization across the Pharmaceuticals: Major Industry is 86.34B. The market cap for tickers in the group ranges from 72.83K to 739.66B. LLY holds the highest valuation in this group at 739.66B. The lowest valued company is CRXTQ at 72.83K.
High and low price notable news
The average weekly price growth across all stocks in the Pharmaceuticals: Major Industry was -2%. For the same Industry, the average monthly price growth was 4%, and the average quarterly price growth was 6%. JCRRF experienced the highest price growth at 9%, while MIRA experienced the biggest fall at -16%.
Volume
The average weekly volume growth across all stocks in the Pharmaceuticals: Major Industry was 28%. For the same stocks of the Industry, the average monthly volume growth was -20% and the average quarterly volume growth was -41%
Fundamental Analysis Ratings
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
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The 'metabolic' category within the biotechnology industry has been witnessing remarkable growth, particularly in companies focused on developing drugs for gastrointestinal and metabolism disorders.
The portable device sector, encompassing companies involved in the production and sale of portable devices, witnessed a notable performance surge of +8.63% over the past week. This surge was led by prominent players including Apple (AAPL), CEVA, and Generac Holdings (GNRC). Despite this recent uptick, however, the sector currently faces a negative outlook, as indicated by various technical indicators and market sentiment analyses.
The Pulp & Paper industry, encompassing companies involved in the production of pulp, paper, and specialty paper products, has witnessed an impressive average stock gain of 11.68% over the last week.
In the whirlwind of the current mergers and acquisitions frenzy, investors are reaping substantial rewards as stocks within the merger industry theme surged by an impressive 20.9% on average over the past month.
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