Health and Healthcare
4 Top BioPharma Movers of the Past Week
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Over the past week, a few biotech companies made absolutely massive runs, either up and down. In the past year, the health care sector was on fire from positive trials, U.S. Food and Drug Administration (FDA) approvals and mergers and acquisitions, but results are becoming more mixed as the valuation of these companies comes into question. Not to mention we might be in a bear market as well. These companies 24/7 Wall St. has picked stood out from the rest with big moves over the course of last week. We have included information about each company, as well as recent trading activity and the consensus price target.
Affymetrix and Thermo Fisher Scientific
Word that it will be acquired had Affymetrix Inc. (NASDAQ: AFFX) absolutely soaring early on Monday. Thermo Fisher Scientific Inc. (NYSE: TMO) is making the acquisition, to the tune of roughly $1.3 billion, or $14.00 per share. Both boards of directors unanimously approved the transaction, but it is still subject to the approval of Affymetrix shareholders and regulators.
Thermo Fisher expects to realize total synergies of approximately $70 million by year three following the close, consisting of approximately $55 million of cost synergies and approximately $15 million of adjusted operating income benefit from revenue-related synergies. Also Affymetrix shareholders are getting a premium of 52% from last Friday’s close of $9.21.
Over the course of the past week, Affymetrix shares rose 50%, and they are up 37.5% year to date. The stock traded at $13.91 per share on Friday’s close. It has a consensus analyst price target of $11.93 and a 52-week trading range of $8.28 to $14.00.
Thermo Fisher shares closed at $132.76, with a consensus price target of $158.19 and a 52-week range of $117.10 to $143.65.
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