Tesaro Stock Sinks in Aftermath of Sale Rumors

Sale rumors initially raised TSRO stock

Tesaro stock has been on a wild ride these last few days as sales rumors continue to spread.

The recent talk claims that Tesaro (NASDAQ:TSRO) is planning to explore sale possibilities. These rumors began to spread on Friday, which sent the Tesaro stock up 31% when the markets closed that day.

According to these rumors, Tesaro is taking advice from financial advisors. The source of the rumor says that this was the company’s decision after being approached for a takeover from another company. The name of that company isn’t revealed in the rumors.

While the name of the company with a possible interest in Tesaro is unknown, there is a strong guess from Wedbush Securities analyst David Nierengarten. He claims that Gilead Sciences (NASDAQ:GILD) may have an interest in acquiring TSRO to beef up its oncology work.

Tesaro is, of course, refusing to comment on the rumors. However, a sale of the company would make sense. Tesaro stock has been down this year as the company struggles to show results. This includes a poor showing from its most recent clinical trial on Nov. 9, reports Bloomberg.

When trading started on Monday, it looked Tesaro stock was still getting a boost from the sale rumors, raising 3% in the early hours. However, the stock is now down 4% as of noon Monday. TSRO stock is also down 53% since the start of the year.

As of this writing, William White did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2018/11/tesaro-stock-drops-after-sale-rumors/.

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