By this time, it is a stale news that MDVN rocketed higher and it is becoming a takeover target.
Bloomberg reported that Sanofi is interested in buying MDVN for an undisclosed price/share for synergies.
There is a interesting OPTION activity for the week ending 04/15.
Option volume is pretty volume for MDVN. However, for strike price of $43 and $50, there is a Open Interest in excess of 6000 call options. Looking at options data helps sometimes figure out where there might be some action expected
MDVN close FY2015 at $48.34 and today it closed at $49.37 after a buyout offer. MDVN had a run up to $50 on Apr 07, 2016 as well but failed and gave back all the gains until today.
If it does have a weekly close above $50, the gains are likely to continue.
H2 2016 looks even more interesting for MDVN with expanded label for Xtandi expected in Europe.
As it stands right now, MDVN does look attractive. This is very similar to PCYC, another biotech company, that was acquired for $20 Billion. MDVN's market cap is about $7 billion right now with similar revenue stream to PCYC before it got acquired.
Watching for the weekly close above $50... Stay tuned...
Disclosure: I am long MDVN.
Bloomberg reported that Sanofi is interested in buying MDVN for an undisclosed price/share for synergies.
There is a interesting OPTION activity for the week ending 04/15.
Option volume is pretty volume for MDVN. However, for strike price of $43 and $50, there is a Open Interest in excess of 6000 call options. Looking at options data helps sometimes figure out where there might be some action expected
MDVN close FY2015 at $48.34 and today it closed at $49.37 after a buyout offer. MDVN had a run up to $50 on Apr 07, 2016 as well but failed and gave back all the gains until today.
If it does have a weekly close above $50, the gains are likely to continue.
H2 2016 looks even more interesting for MDVN with expanded label for Xtandi expected in Europe.
As it stands right now, MDVN does look attractive. This is very similar to PCYC, another biotech company, that was acquired for $20 Billion. MDVN's market cap is about $7 billion right now with similar revenue stream to PCYC before it got acquired.
Watching for the weekly close above $50... Stay tuned...
Disclosure: I am long MDVN.
