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Semiconductor and Cancer Diagnostic Companies Jump After Major Acquisitions

⚡️ The semiconductor space is undergoing a seismic shift. Nowhere else is this more evident than in Advanced Micro Devices, a company which was suggested to be in imminent danger just five years ago. Today, $AMD announced their $35 billion all-stock acquisition of Xilinx. The deal, which was announced informally earlier this month, accompanied kickass earnings for Q3. $AMD sank 4%; $XLNX rose over 9%.

🧬 The diagnostic company that creates cancer diagnostics such as Cologuard made two hefty acquisitions today. Shares of $EXAS have been depressed since August 2019 when the company merged with Genomic Health, something done to push them toward profitability. However, stocks shot up over 23% today on the plan to acquire two blood diagnostic companies: Thrive for $2.15 billion and Base Genomics for $410 million. Both acquisitions are expected to be used to bolster Exact Sciences’ cancer screening diagnostics for 10 different types of cancer.

🧪 Our biggest Ripper of the day is Scholar Rock. This lesser-known biotech makes a drug for the rare genetic disease Spinal Muscular Atrophy (SMA). There is currently no cure and few available treatments for SMA. $SRRK announced positive results from their phase 2 clinical trial for their SRK-015 drug for patients with SMA type 2 and 3. On the news, $SRRK announced their intent to do a capital raise to fund more trials for their extensive pipeline of forthcoming trials. The stock popped 124% today to $30.76.

That’s a wrap on Rippers for Tuesday. Check back on Thursday to see what stocks at making moves 🕺

Noah Weidner

Noah Weidner is a restless self-starter with a vehement interest in all things that make the world go around: culture, politics, economics and all the people in between. He writes the Bullish Rippers series and covers other interesting trends and happenings at Bullish.

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