Why Constellation Pharmaceuticals Stock Is Skyrocketing Today

Shares of Constellation Pharmaceuticals (NASDAQ: CNST) had skyrocketed 66.7% as of 12:01 p.m. EDT on Wednesday. The huge gain came after MorphoSys (NASDAQ: MOR) announced that it will acquire Constellation for $1.7 billion. 

MorphoSys was attracted to Constellation for its two lead pipeline candidates, pelabresib and CPI-0209. Constellation is currently evaluating pelabresib in late-stage clinical studies targeting myelofibrosis. It's testing CPI-0209 in phase 2 clinical studies for treating blood cancer and solid tumors.

Image source: Getty Images.

Continue reading

Source Fool.com