Atossa Genetics Inc (NASDAQ: ATOS) is having an incredibly strong time in the market in the pre-market hours this morning. Through a search on various PR services, the company's website, and search engines, we were unable to find anything new. However, we were able to find a rumor that broke early this week that seems to be the cause of gains considering comments on message boards around the web. Of course, our partners at Trade Ideas were the first to alert us to the gains. At the moment (8:03), ATOS is trading at $0.78 per share after a gain of $0.09 per share or 12.39% thus far today.
ATOS Continues Upward On Rumors
As mentioned above, Atossa Genetics is having a pretty strong start in the pre-market hours this morning as investors seem to be looking back to rumors that hit the wire early this week. The rumors suggest that Merck & Co has been in meetings to discuss a potential partnership surrounding the pipeline drug Endoxifen following a successful Phase 1 clinical trial. According to unnamed sources, Merck is very positive surrounding the potential partnership as it would add another dimension to the company's current breast cancer drug profile. ATOS and MRK supposedly met on Monday at first and it is expected that more meetings will be taking place today and tomorrow.
As is always the case when we talk about rumors, it's important that I mention that rumors happen all the time in the market. Very few of these rumors hold any validity. While this particular rumor comes with quite a bit of detail and seems to be pretty valid, it's important to keep in mind that it is still a rumor, and therefore, it may be false. So, if you're going to trade on this news, please be sure to do so with caution.
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What We'll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on ATOS. In particular, we're interested in following the story to see if MRK does indeed sign a partnership agreement with the company. Nonetheless, we'll continue to follow the news and bring it to you as it breaks.
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