Shares Of Pharmerica Corporation Sharply Higher Today (PMC)

Pharmerica Corporation PMC is sharply higher today, gaining more than 5%. On August 24, PMC announced a buyback of $25 million worth of its shares, as the company feels its shares are undervalued. This amounts to 10% of the company's market cap, making it a fairly decent sized buyback program. In the pressrelease, PharMerica said, "PharMerica Corporation PMC, a national provider of institutional pharmacy and hospital pharmacy management services, today announced that its Board of Directors has authorized the repurchase of up to $25 million of the Company’s common stock. The share repurchases will be made in the open market through unsolicited or solicited privately negotiated transactions, or in such other appropriate manner, and will be funded from available cash." Shares of PharMerica are gaining 43 cents today, to trade at $8.46 in a slightly positive broader market.