Market Overview

Juno Therapeutics Jumps 17% After Gilead's Purchase Of Kite Pharma

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Juno Therapeutics Inc (NASDAQ: JUNO) shares are trading higher by $5.00, or 16.5 percent, at $35.73 in Friday's session.

The catalyst for the rally is the announcement that Gilead Sciences (NASDAQ: GILD) will be purchasing Kite Pharma (NASDAQ: KITE) at nearly a 30 percent premium ($180.00) to Friday's closing price of $139.10. This has investors on the hunt for the next potential takeover in the biotech sector. As a result, Juno and other smaller biotech companies are on the rise.

See Also: Gilead Seeks Diversification Into Immuno-oncology Space With $11.9 Billion Kite Pharma Acquisition

After a higher open, Juno continued in that direction before finally peaking at $37.50 and then reversed course. That marks the highest level for the stock since July 7, 2016, when it peaked at $40.86. The following day it swooned to $27.81, when the FDA slapped a clinical hold on its trial of JCAR015 upon the death of several patients.

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