Shares of Horizon Therapeutics (NASDAQ: HZNP) were skyrocketing 27.2% higher as of 10:48 a.m. ET on Wednesday. The big jump came after the company announced Thursday evening that it's in discussions with Amgen (NASDAQ: AMGN), Johnson & Johnson (NYSE: JNJ) subsidiary Janssen, and Sanofi (NASDAQ: SNY) about potentially being acquired.

Biotech stocks nearly always soar on news of a potential acquisition. But Horizon's big gain today could be putting the cart before the horse.

There were two words in Horizon's press release that investors should note: "highly preliminary." That's the way the company described its discussions with Amgen, J&J, and Sanofi. Horizon added, "There can be no certainty that any offer will be made for the company."

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Source Fool.com