ARQL up around 40% on 50.000 shares traded before press release?

December 09, 2019 06:45 AM Eastern Standard Time:
https://www.businesswire.com/news/h...-Acquire-ArQule-Advancing-Leadership-Oncology

Up around 40% in the pre market on around 50.000 shares traded before the time stamp of the press release.

Hmmm...

 

The acquisition announcement came out at 645am.

 

Yep, as I noted, at which time the stock was already up around 40% on around 50.000 shares traded.

 

interesting....

Release came out at 6:45 EST (Reuters)

stock was trading at 4:18 EST at $12 (up 25%)

possible there was something public out there - but I don't see anything. I believe the company was going to release some data prior to the opening but not likely someone would be paying up like this prior. Pretty easy to investigate this type of thing.

 

Maverick is correct. Something shady there

 

There was very positive news out of ASH conference on a competing drug from LLY. That info came out after the close on Friday. The positive data read through to positive data for ARQL.

I think the pre-645 rally was related to this and the post 645 rally was related to the bigger news of the acquisition.