Shares of Icagen (Nasdaq: ICGN) continued to climb on Thursday. Speculators have already caused the stock to shoot up nearly 200% over the past month on rumors and reports that it will soon be bought by its development partner Pfizer Inc (NYSE: PFE), which already owns about a 14% interest in the biotech company.
As we told our premium subscribers in late June, Pfizer had filed a disclosure in a regulatory filing that it was in talks with Icagen. Since then, several reports surfaced and the two companies have acknowledged that they have had talks about possibly expanding their partnership, which could include a merger.
The stock only has 2,620,000 shares oustanding with 86.03% owned by insiders and 11.20% owned by institutions.
After only a few hours of trading on Thursday, the trading volume in the stock (775,903 shares) was already at 70% of it's daily average (1,097,400 shares). That trading has shares up 22.48% to $7.41 (+$1.36).
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