Why is DRNA Rallying? Top Gainer Approaches All Time High

Written by: Owain Higham

 

DRNA (Dicerna Pharmacueticals) opened up as the top gainer on the US stock markets today, up +78.57% at the time of writing.

 

Why is DRNA rallying?

The stock is likely up due to news that Denmark’s Novo Nordisk plans to buy DRNA for $3.3 billion.

 

In terms of order flow, the stock simply opened up higher, since the news was released pre-market.

 

What next for DRNA?

 

There are no certainties in markets, but the 6+ larger layers of bids that have appeared in the order book of DRNA suggest the stock has found support.

 

There are large bids all the way from 37.85 till 37.5, with the 37.75 level being the largest in terms of liquidity.

 

Offers are light above, with some levels even showing zero offers.

 

A swing high price of $40 is only a couple of dollars higher where prices are currently trading, with the all time high at $46.

 

 

 

Disclaimer: This content is for informational purposes only and is not trading advice.

 

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