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LogicBio's stock skyrockets after buyout bid for a 667% premium

LogicBio's stock skyrockets after buyout bid for a 667% premium

Shares of LogicBio Therapeutics Inc. skyrocketed more than seven-fold (up 643%) in morning trading, to bounce off the previous session's record low, after the genetic medicine company announced an agreement to be acquired by AstraZeneca PLC's Alexion, AstraZeneca Rare Disease in a deal that values LogicBio at about $68.23 million. The stock had closed Friday at a record low of 27 cents, representing a market capitalization for LogicBio of about $8.9 million. Under terms of the buyout deal, Alexi