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Semiconductor and Cancer Diagnostic Companies Jump After Major Acquisitions

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Bullish Rippers
Published on
October 28, 2020
The semiconductor space is undergoing a seismic shift. Nowhere else is this more evident than in Advanced Micro Devices, a company which was suggested to be in imminent danger just five years ago. Today, $AMD announced their $35 billion all-stock acquisition of Xilinx. The deal, which was announced informally earlier this month, accompanied kickass earnings for Q3. $AMD sank 4%; $XLNX rose over 9%.

The diagnostic company that creates cancer diagnostics such as Cologuard made two hefty acquisitions today. Shares of $EXAS have been depressed since August 2019 when the company merged with Genomic Health, something done to push them toward profitability. However, stocks shot up over 23% today on the plan to acquire two blood diagnostic companies: Thrive for $2.15 billion and Base Genomics for $410 million. Both acquisitions are expected to be used to bolster Exact Sciences’ cancer screening diagnostics for 10 different types of cancer.

Our biggest Ripper of the day is Scholar Rock. This lesser-known biotech makes a drug for the rare genetic disease Spinal Muscular Atrophy (SMA). There is currently no cure and few available treatments for SMA. $SRRK announced positive results from their phase 2 clinical trial for their SRK-015 drug for patients with SMA type 2 and 3. On the news, $SRRK announced their intent to do a capital raise to fund more trials for their extensive pipeline of forthcoming trials. The stock popped 124% today to $30.76.
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