Shares of Targeted Genetics (TGEN)
jumped more than 52% on Monday, ending the trading day at $5.87 a share. Over 7 million shares traded hands, which is 6900% over the 3-month daily average.
What makes this price action so interesting is that there were no news releases or other significant events that could be detected. In fact, in a bizjournals.com article it was noted that company insiders did not know why the shares jumped, or why there was so much interest in the stock.
Could it be that Biogen Idec (BIIB) has finally made an offer for TGEN ?
Certainly something is going on, and some news was leaked. It will be very interesting to watch TGEN shares on Tuesday.
TGEN 1-yr chart: