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Shares of CIGNA Corporation (NYSE: CI) are surging on Monday afternoon, up $19.80 to $157.12, a gain of nearly 15 percent.
The stock first spiked around mid-day on Monday, after Dow Jones reported that Anthem Inc (NYSE: ANTM) was interested in a bid for the company at $175 per share. Wall Street firm Susquehanna also believes Anthem could pay $185 per share for Cigna, with synergies potentially larger than $1 billion, according to Benzinga Pro.
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Two hours later, both Aetna Inc (NYSE: AET) and UnitedHealth Group Inc. (NYSE: UNH) shares spiked after rumors of a new Dow Jones report that the latter could be interested in bidding for Cigna or Aetna.
Of note, Humana Inc (NYSE: HUM) was linked to buyout discussions with both Aetna and Cigna last month. At the time, the Wall Street Journal said a merger could "trigger a widely anticipated wave of consolidation in the industry."
Earlier in June, Oppenheimer analyst Ari Wald named Cigna his top healthcare stock pick from a technical standpoint, though this analysis was unrelated to M&A speculation.
The stock had healthy support on the chart when it traded near $138, according to Wald.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.