Horizon Therapeutics Reconsiders Several Big Buyout Bids

Amgen, Sanofi, and Janssen Global Services are all in preliminary talks with the company

Lillian Currens

Digital Content Manager

Nov 30, 2022 at 10:10 AM

Horizon Therapeutics PLC (NASDAQ:HZNP) is surging this morning, last seen up 29.6% at $102.10, following news that the company is reconsidering possible bids from Amgen (AMGN), Sanofi (SASY), and Johnson & Johnson's (JNJ) unit Janssen Global Services. HZNP's board said it was in talks with the three pharmaceutical giants regarding buyout offers late Tuesday. Now, the stock is eyeing its best daily percentage gain since February 2019.

Several analysts have chimed in, noting that HZNP is an "attractive" acquisition target, with Stifel adding that the stock could likely hit valuation at $125-130 per share. Currently, the brokerage bunch is overwhelmingly bullish. Of the 14 in coverage, all but two call it a "buy" or better.

Options traders will be cheering today's pop, too. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), HZNP sports a 10-day put/call volume ratio of 34, which stands higher than 93% of readings from the past year. In other words, calls are incredibly popular at the moment

The stock enjoyed a breakout above the $68 region in early November following its third-quarter earnings report. It quickly gained footing at the 120-day moving average, and today's jump could put the stock above the 320-day moving average for the first time since April.

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