Shares of Clinigen Group PLC (LON: CLIN) surged 9.94% on rumours that it could be the next acquisition target for Elliott Investment Management LP, which recently acquired a 5% stake in the company.
The specialist pharmaceutical services company recently announced an agreement with PAION to manage the supply and distribution of PAION’s licensed products within the UK.
Clinigen has over 30 years of experience distributing critical medicines in over 130 countries before and after their launch in different markets.
The pharma company also appointed Elmar Schnee as its new chairman and non-executive director.
Clinigen shares have been on an uptrend since the start of the month when Elmar was appointed as chairman, followed by the signing of the distribution agreement.
Today’s rally was driven by the acquisition rumours, although none of the two companies had confirmed whether they were true or not.
Traders looking to establish new bullish positions in the stock should wait for a pullback to the recently broken resistance level, acting as support. However, I wouldn’t buy at current prices because the rally looks quite over-extended.
*This is not investment advice.
Clinigen share price.
Clinigen shares surged 9.94% to trade at 724.3p, rising from Thursday’s closing price of 658.8p.
Should you invest in Clinigen shares?
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