PBTQ Gains, Lifted by Celgene, Genzyme Friday, October 1, 8:43 AM ET, by Market News Video Staff The PowerShares Global Biotech Portfolio (PBTQ) has a market value of only $3.7 million, but ...
Gilead Sciences 23.68% of Biotech HOLDRS ETF Thursday, October 7, 8:24 AM ET, by Market News Video Staff Gilead Sciences (GILD) makes up 23.68% of the Biotech HOLDRS (BBH) ETF. The Biotech HOLDRS ...
Genzyme Insists $69 Per Share Too Low Friday, October 22, 3:32 PM ET, by Market News Video Staff The Board of Directors for Genzyme Corp. (GENZ) continues to rebuff the hostile takeover efforts ...
IBB Sees Heavy Shorting, Largest Holding Amgen Monday, October 25, 10:08 AM ET, by Market News Video Staff There are 7,884,900 shares short of the iShares Nasdaq Biotechnology Index Fund (IBB) according to ...
By Market News Video Staff, Friday, October 22, 3:32 PM ET
The Board of Directors for Genzyme Corp. (NASDAQ:GENZ) continues to rebuff the hostile takeover efforts of Sanofi-Aventis (SAN). Sanofi-Aventis offered $69 per share to acquire Genzyme over the summer, but the Genzyme Board of Directors believes the company is worth much more. Today, the company made it public that it feels the company is worth $89 per share based on the 2011 guidance issued today. The company reported that it expects to earn between $4.30 and $4.60 per share, well above the consensus estimates of $3.78 per share.
Shares of Genzyme were trading modestly higher this morning, but are having trouble advancing as it's already above the buyout price of $69 per share. A quick check of ETFs holding shares of GENZ shows the Biotech HOLDRs ETF (AMEX:BBH) holds more than 10% of its portfolio in Genzyme. Genzyme is the fourth largest holding in ETF, led only by Amgen (NASDAQ:AMGN), Gilead Sciences (NASDAQ:GILD) and Biogen (NASDAQ:BIIB). For a full list of holdings for the Biotech HOLDRs ETF, visit the BBH Holdings page.
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