Arena Pharmaceuticals soars on the $1.2 billion deal with United Therapeutics
Following the buyout report, Tesaro’s rival Clovis Oncology (CLVS) also increased and was up 8.48% at $16.75 when the market closed today.
On Tuesday, pharma giants AstraZeneca and Merck (MRK) announced that FDA will review their regulatory application with priority for the label expansion of its cancer treatment therapy. Encouraged by this announcement, Tesaro’s shares, which has got a cancer drug named Zejula, rose 8%.
When the company reported Q3 financial results two weeks ago, its earnings surpassed consensus views, while revenue missed the estimates. Tesaro posted a loss of $2.49 per share on revenues of $64.4 million.
TSRO stock has dropped 58% in the year-to-date period and 60% in the past 52 weeks. Shares of the Waltham, Massachusetts-based company hit a 52-week low of ($23.41) last Friday and the yearly high ($89.72) on November 16, 2017.