Shares of biopharmaceutical company Quince Therapeutics (NASDAQ:QNCX) are soaring higher today after it received an acquisition offer from Echo Lake Capital at $1.60 per share.
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This implies a 90% premium to the stock’s last closing price. Quince currently has net cash and investments of about $2.55 per share along with $225 million of net operating loss carryforwards and potential milestone payments of up to $150 million.
Shares of the company have now surged nearly 100% so far this year. Quince has no product on the market or under development. At the same time, short interest in the stock currently stands at 11%.
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