Cytokinetics Rollercoaster: Novartis Deal Speculation Sends Stock Soaring and Plunging
Traders betting on a potential takeover of Cytokinetics Inc. experienced a rollercoaster ride as rumors and reports of buyer interest caused the stock to soar nearly 200%, only to be followed by sharp declines when no bid materialized. Pharmaceutical companies like Novartis AG and AstraZeneca Plc are reportedly considering a buyout, leading to significant stock volatility. With the company's market value close to $10 billion, analysts are skeptical about the likelihood of a merger announcement and advise investors to carefully consider their positions amidst the uncertainty.