Genzyme Corporation (NASDAQ: GENZ) shares are
currently trading at $70.36 a weekly gain of $7.84 which is 12.54% jump from
last Monday’s closing price of $62.52. The company’s shares have 52-week
trading range of $45.39 - $70.97. The daily average volume of the stock is 9.13
million shares. The company has 50 day moving average of $53.57 and 200 day
moving average of $53.10. The RSI of the stock is 84.49, indicating an
overbought position of the stock. Also the MACD (4.685, 3.046, 1.649) of the
stock indicates an overbought position of the stock. The sustenance and
resistance levels of Genzyme Corporation are $68.78 and $71.45. The Market
Capitalization of the company is $18.78 billion.
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Sanofi- Aventis SA has already taken an approval from his board to offer
$70 per share, and is preparing a formal offer letter for Genzyme Corp. This
deal would cost approx. $18.70 billion to Sanofi-Aventis.
However, Bloomberg interview 3 major shareholders in the company. These
shareholders were not willing to sell their stake for the price being offered
by Sanofi-Aventis. Sven Borho, a partner with Orbimed Advisors, holder of 2.5
million shares of Genzyme Corp. said “$80 was the
valuation in 2008, before the manufacturing issues, and without those issues it
would be trading there now, this hasn’t been a great year and you can’t base a
valuation on it. The growth rate in 2011 could easily be 20 percent or more,
and that’s one of the highest growth rates in biotech.”
Genzyme Corp. was facing problems with
manufacturing, miscued projections and shortages of supply. This had lead the
market value of Genzyme Corp. to decline in mid 2008.
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Meanwhile, Genzyme Corp. is reportedly
looking for an $80 per share offer, with other bidders like GlaxoSmithKline
(GSK), Pfizer, Inc. (PFE) and Johnson & Johnson (JNJ) also in the fray.
Genzyme Corporation is a global
biotechnology company. The Company’s develops product that treat rare genetic
disease disorders, renal diseases, orthopaedics, cancer, transplant and immune
disease, and diagnostic and predictive testing. Genzyme operates in four
business segments: Genetic Diseases, Cardiometabolic and Renal, Biosurgery and
Hematologic Oncology. Genetic Diseases unit develops, manufactures and
distributes therapeutic products. Cardiometabolic and Renal segment develops,
manufactures and distributes products that treat patients suffering from renal
diseases. Biosurgery develops, manufactures and distributes biotherapeutics and
biomaterial-based products. Hematologic Oncology develops, manufactures and
distributes products for the treatment of cancer.
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