Why ChemoCentryx Stock Is On Fire Today

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. The two companies said that the transaction is expected to close in the fourth quarter of 2022. Prior to today's buyout announcement, ChemoCentryx's stock was down by a hefty 33% for the year.

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Source Fool.com