|If I had a quarter for every time people raised the possibility of a buyout, I could buy, well, not all that many shares but at least one.|
Current management has made it very clear that they are not interested in being bought out. I believe they believe that they have a significant shot at being a full-fledged stand-alone biopharma. All their moves are consistent with that position, the execs they've hired, the sales force they're ramping up etc.
I suppose every company has its price, but I also suppose that the price would be hard to justify to the acquiring company's shareholders. Let's throw out $100 as a figure. That's roughly $20B or 5x-6x the current market cap (fully diluted). Hard for, say, Lily to justify that kind of multiple to their shareholders. And hard to think that IMMU would agree to give up the possibility of being their own "big pharma" for enough less to obviate the point.
Frankly, talk of a buyout is pure speculation, not worth spending much time on at all. If it happens it happens, but making buy/sell decisions on the possibility (i.e. actually doing anything with that speculation) is a fool's game.
And I freely admit I could be totally wrong and they could announce a buyout for $35/share tomorrow. I also admit that in that case I'd be surprised.