Millennium Pharmaceuticals (MLNM) NewsBite - Millennium Pharma. Surges on Buyout Offer

Posted on Thursday, April 10, 2008 10:29 AM

Millennium Pharmaceuticals Inc. (MLNM) opened at 24.49. So far today, the stock has hit a low of 24.39 and a high of 24.51. MLNM is now trading at 24.44, up 8.09 (33.03%). The stock hit its 52 week high of 24.51 today and set its 52 week low of 9.49 in August. MLNM fell during the first half of 2007, but has moved to the upside since September. Shares of Millennium Pharmaceuticals have been surging after Japan's Takeda Pharmaceuticals announced it would buy the company for $8.8 billion, or $25 per share. Millennium said it would become a wholly owned subsidiary of Takeda but that it would continue to operate as a standalone business unit in Boston. Technical indicators for the stock are bullish and steady while S&P gives MLNM a neutral 3 STARS (out of 5) hold rating. If you’re looking for a hedged play on this stock, consider a June bull-put credit spread below the $17.50 range. We will just watch this one for now. There are no hedged trades that we like for MLNM. [RHF - Seven Summits Strategic Investments NewsBite]