Intercept Pharmaceuticals Inc (NASDAQ: ICPT)
Intercept Pharmaceuticals is having an incredibly strong day in today’s trading session. At the opening bell, the stock quickly found its way to the green. From there, we’ve seen steady gains. Then, minutes ago, the stock started screaming for the top. Below, we’ll talk about what we’re seeing in the market, why, and what we’ll be watching for with regard to ICPT ahead.
What We’re Seeing From ICPT
As mentioned above, Intercept Pharmaceuticals is off to an overwhelmingly strong day in the market today. When the opening bell rang, the stock was slightly in the green. From there, we saw slow and steady gains throughout the day, bringing the value higher and higher. However, minutes ago, the stock started to scream upward. Currently (11:26), ICPT is trading at $110.28 per share after a gain of $6.39 per share (6.15%) thus far today.
Why The Stock Is Climbing
As usual, our partners at Trade Ideas were the first to inform us of the run on ICPT. As soon as they did, the CNA Finance team started digging to see exactly what was going on. In our search, we were unable to find any fundamental news that would lead to such gains. Nonetheless, in the social realm, we were able to find something interesting.
At the moment, regardless of which social network you call your favorite, if you search for Intercept Pharmaceuticals, chances are that you will see a rumor. The rumor that’s going around is that we may see a merger with Novartis. Now, this is currently an unconfirmed rumor, and details with regard to how the transaction would go through aren’t part of the rumor. Nonetheless, this seems to be what’s exciting ICPT investors.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on ICPT. In particular, we’ll be watching to see if there is any validity to the rumors that are being spread today. Of course, if there is, this could be big news for the company and its investors. We’ll keep an eye on the news and bring it to you as it breaks!
UPDATE: Novartis has refused to comment with regard to the ICPT rumor. Generally, if there is no validity to the rumor, comments will be made debunking it. It seems as though this rumor may be something real after all.
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[Image Courtesy of Pixabay]