Cypress Bioscience Soars 19% After Rejecting Takeover Bid (CYPB)

Shares of San Diego, California-based pharmaceutical company Cypress Bioscience, Inc. CYPB are trading up 19% at $5.70 per share during the Tuesday afternoon trading session. The company's stock surged after it was announced that it had rejected a $6 per share takeover bid from Ramius LLC. The day's range for shares of Cypress Bioscience, Inc has been between $4.80 and $5.80 per share. The average price target of analysts who cover Cypress Bioscience, Inc. (CYPB) is $5.63 per share. Volume of 4.2 million shares is already more than 8 times the daily average volume of 500,000 shares. Cypress Bioscience, Inc is a pharmaceutical company dedicated to the development of innovative drugs targeting large unmet medical needs for patients suffering from a variety of disorders of the central nervous system. Read more from Benzinga's Company news.