Chart of the day: Opiant stock sees price jump

Chart of the day: Opiant stock sees price jump

New York Stock Exchange

Opiant stock peaked at $20.50, above the $20 guaranteed takeover price.

(Photo: AP)

Düsseldorf Opiant Pharmaceuticals’ stock price more than doubled in early trading on Wall Street Monday. Opiant is a specialty pharmaceutical company that manufactures drugs used to treat addiction and drug overdose.

The jump in price was triggered by a takeover bid by competitor Invidor. Invidor is bidding up to $28 a share for Opiant. $8 of the bid is contingent on progress in drug development. Opiant stock peaked at $20.50, above the $20 guaranteed takeover price.

At the end of last year, the Opiant share cost almost 38 dollars. In the first nine months, the California-based company made a net loss of $33.8 million after a profit of $2.3 million in the same period last year. Sales collapsed to $8.5 million from $34 million.

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