Genzyme Gained the Most in the SP500 and Posted a New 52-Week High

Published on Monday, 30 August 2010 17:23 Written by Danny Miller

New York, August 30^th (Tradershuddle.com) – Shares of Genzyme (NASDAQ:GENZ) gained the most in the S&P 500 after its shares climbed 3.39% to $69.91.

Genzyme (NASDAQ:GENZ), the Cambridge based biotechnology company, jumped after it confirmed the receipt of an unsolicited bid for $69 per share in cash from Sanofi-Aventis (NYSE:SNY). Genzyme’s board of directors unanimously affirmed its previous rejection of Sanofi's proposal, and instructed the company to send Sanofi a letter stating that the proposal is identical to the previous offer and no new information or improvement in price was provided, failing to establish a basis for engagement by the board.

The move to the upside came with strong volume; 17.45 million shares traded, 3.7 times Genzyme’s average 90day volume of 4.72 million shares.

The stock's 52-week low is $45.39 and its 52-week high is $70.97, posted today.