Hookipa Pharma (NASDAQ:HOOK) stock is on the rise Thursday as investors react to news of a share purchase agreement with Gilead Sciences (NASDAQ:GILD).
According to a filing with the Securities and Exchange Commission (SEC), Gilead Sciences has bought another 15 million shares of HOOK stock for about $1.42 per share. To put that in perspective, HOOK stock closed out Wednesday at 57 cents per share.
Hookipa Pharma notes that Gilead Sciences spent $21.25 million to acquire these shares of its stock. This was done under an amended stock purchase agreement. The agreement has Gilead Sciences agreeing to acquire a total of $30 million worth of HOOK shares.
Gilead Sciences previously purchased $5 million of HOOK stock through that agreement. Hookipa Pharma notes that the agreement allows for it to require Gilead Sciences to acquire the remaining $8.75 million of the agreement in up to two purchases.
How This Affects HOOK Stock Today
Investors are celebrating the stock purchase news today with some heavy trading of the shares. As of this writing, more than 20 million shares of the stock have changed hands. To put that in perspective, the daily average trading volume of HOOK stock is 469,000 shares.
HOOK stock is up 80.5% as of Thursday morning.
Investors seeking out even more of the most recent stock market stories will want to keep reading!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
