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Stock of biotech Amylin Pharmaceuticals is up 48.15% this morning (March 28) to $22.80 on a report of an old takeover offer. Bloomberg News reported this morning that giant pharmaceutical Bristol-Myers Squibb had offered to buy Amylin for $22 a share last month, and Amylin's board had rejected the offer. The market seems to assume that if Bristol thinks the stock is worth $22, other bidders may think so, too.

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Comments

Visduh March 28, 2012 @ 7:47 p.m.

ALMN has been one of those roller-coaster stocks that can make you rich or make you poor in short time frames. Some years ago it was down in the penny stock category and was close to closing its doors and going out of business. Then the FDA came along with a blockbuster ruling about one of its diabetes treatment drugs, and it soared to a point of selling for $50 a share five years ago. But as a typical biotech company it keeps burning through capital provided by other companies and its constant stream of new investors. "If only" I could have made huge profits on that stock. The temptation to buy a few thousand shares for a few hundred bucks was strong, but I didn't act.

This overall situation will probably turn into one of those "buy on the rumor, sell on the news" stocks.

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Don Bauder March 28, 2012 @ 10:03 p.m.

You have Amylin pegged. It was almost broke and then suddenly reawakened. Its stock has been a roller coaster. Like many biotechs, this stock is for gamblers, not investors. Best, Don Bauder

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