Palo Alto Networks Reported an Earnings Beat and Pfizer to Acquire Trillium Therapeutics
Palo Alto Reported an Earnings Beat and Trillium Therapeutics: Accepted a Buyout Offer
Palo Alto Networks
Palo Alto Networks is a technology company that focuses on cybersecurity. They are, in fact, located near Palo Alto, California, and they have a market cap of $36.285 billion, which classifies them as a large cap stock.
On Monday, Palo Alto Networks reported their quarterly earnings. They saw a beat on the key numbers, with their earnings per share being $1.60 and revenue being $1.22 billion. However, the unique part of this earnings report is that Palo Alto did not announce a new acquisition or merger, which has been the theme for the past couple of years. Nonetheless, Palo Alto Networks rose to $411.30 after hours, up 10.40%.
Trillium Therapeutics is a healthcare company that works in biotechnology. They are located in Toronto, Canada, and the business works on developing therapies for the treatment of cancer. Trillium has a market cap of $1.844 billion, making them a mid cap company.
That number is a bit different from the previous days as it was announced on Monday that pharmaceutical giant Pfizer would be acquiring the company in a $2.26 billion deal, which is around $18.50 per share. This decision was made as Pfizer believed that the company would be a big player in a breakthrough cancer treatment, and it was at a hefty premium. Trillium closed the day at $17.59, up 188.83%.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.