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Small-Cap Snapshot: Synergy Pharma rallies on outlook for bid superior to Bausch’s $200M offer

Park Electrochemical, Arlo Technologies and Natera are also moving in the trading session
Mergers and acquisitions illustration
To facilitate a sale, Synergy entered Chapter 11 bankruptcy while operating its business as usual

Synergy Pharmaceuticals Inc (NASDAQ:SGYP) climbed on Thursday on speculation that the New York-based drug company will attract an offer superior to the $200 million cash bid from Bausch Health Companies Inc that was announced in December. To facilitate the sale, Synergy entered Chapter 11 bankruptcy while operating its business as usual. Synergy manufacturers Trulance, a treatment of severe forms of constipation.

Shares climbed $0.05, or 24%, to $0.27.

READ: Park Electrochemical beats Wall Street's fiscal 3Q estimates, thanks to strength of aerospace business

Park Electrochemical Corp (NYSE:PKE) advanced after seeing its revenue beat Wall Street’s estimates during the 2019 fiscal third quarter and its net earnings climb more than six-fold. The Melville, NY-based company produces materials for the aerospace markets. It completed the sale of its electronics business to AGC Inc in December to focus on its aerospace business.

Shares advanced $2.11, or 13%, to $20.73.

Arlo Technologies Inc (NYSE:ARLO*) declined after the maker of security cameras was spun off from NetGear Inc (NASDAQ:NTGR). NetGear, based in San Jose, California, announced on December 31 that it had completed its previously announced distribution of 62.5 million shares of Arlo’s common stock.

Shares of Arlo dropped $0.80, or 7.4%, to $9.95

Natera Inc (NASDAQ:NTRA) dropped after the San Carlos, California-based genetic testing company announced a new executive team. Steve Chapman was named CEO effective January 2 while Robert Schueren was named chief operating officer effective January 7. Chapman was previously COO and succeeds the company’s founder, Matthew Rabinowitz, who will remain as executive chairman to focus on long-term strategy and innovation.

Shares of Natera slid $1.13, or 8.7%, to $11.79


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