Amgen (AMGN) beats Q2 estimates for earnings and sales. It offers to buy ChemoCentryx (CCXI) for $3.7 billion.
ChemoCentryx (CCXI) was a big mover last session on higher-than-average trading volume. The latest trend in earnings estimate revisions might help the stock continue moving higher in the near term.
Shares of ChemoCentryx (NASDAQ: CCXI) skyrocketed by as much as 110% in premarket trading Thursday morning. The company's stock bolted higher following the news that biotech heavyweight Amgen (NASDAQ: AMGN) offered $3.7 billion in cash to acquire the rare-disease specialist. The deal represents a whopping 116% premium relative to where ChemoCentryx's shares closed on Wednesday.