ImClone Systems (IMCL) NewsBite - ImClone Surges on BMY Buyout Offer

Thursday, July 31, 2008 10:08 AM EDT

ImClone Systems Inc. (IMCL) opened at 64.16. So far today, the stock has hit a low of 63.33 and a high of 64.57. IMCL is now trading at 64.12, up 17.68 (27.56%). The stock hit its 52 week high of 64.57 today and set its 52 week low of 30.34 in August. IMCL has been moving sideways since October of last year. ImClone Systems shares have been surging today on news that drug developer Bristol-Myers Squibb Co. (BMY) offered $4.5 billion in cash for the company. Bristol-Myers already owns about 17 percent of ImClone and is a longtime U.S. partner on the colon and head and neck cancer drug Erbitux. Technical indicators for the stock are bullish and steady while S&P gives IMCL a neutral 3 STARS (out of 5) hold rating. If you’re looking for a hedged play on this stock, consider a September bull-put credit spread below the $60 range. IMCL stock could fall up to 6.4% before expiration and this position would still be profitable. [RHF - Seven Summits Strategic Investments NewsBite]

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