Dyax Corp. (NASDAQ:DYAX) shares are trading up big in early morning trading after it has been confirmed that the U.S. FTC has ended the antitrust waiting period related to the firm’s merger with Shire PLC (SHP). The biopharmaceutical company, which specializes in developing treatments for hereditary angioedem and related plasma-kallikrein-mediated disorders, originally entered into an agreement with Shire on November 2.
Under terms of the deal, Shire PLC would acquire Dyax Corp. (NASDAQ:DYAX) for $37.30 per share, although other conditions apply. It should be interesting to follow this stock today as investors jump at the opportunity to get in before it’s too late.
The stock is up 12.08% or $4.03 following the news, hitting $37.39 per share. About 1.60M shares traded hands. DYAX has risen 39.52% since April 30, 2015 and is uptrending. It has outperformed the S&P500 by 39.81%.
From a total of 5 analysts covering Dyax Corp. (NASDAQ:DYAX) stock, 1 rate it a “Buy”, 0 a “Sell”, and 4 a “Hold”. This means that 20% of the ratings are positive. The highest target price is $37 while the lowest target price is $36. The mean of all analyst targets is $36.50 which is -2.38% below today’s ($37.39) stock price. Dyax Corp. was the topic of 7 analyst reports since September 2, 2015 according to the firm StockzIntelligence Inc. RBC Capital Markets maintained shares on November 18 with a “Outperform” rating. Leerink Swann upgraded shares to a”Outperform” rating and a $36 target share price in their report from an October 14. Needham downgraded DYAX stock in a recent report from November 5 to a “Hold” rating. Finally, Jefferies downgraded the stock to a “Hold” rating in a report they issued on a November 2.
Dyax Corp is a biopharmaceutical company. The company has a market cap of $5.50 billion. The Firm is focused on Hereditary Angioedema and other Plasma-Kallikrein-Mediated (PKM) Disorders, and licensing and funded research portfolio. It currently has negative earnings. The Firm develops and commercializes treatments for hereditary angioedema.