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Biosensors (B20.SG) +6.0% at $1.06 in active trade as Autumn Eagle’s purchase of 29.47% stake in heart-stent maker fuels hopes it could be takeover target, says Dow Jones.
But as buyer’s intention unclear at this stage, stock not expected to head much higher from current levels, with orderbook quotes suggesting resistance at $1.10. Company unable to provide additional details when contacted.
Biosensors long touted as takeover target given its flagship BioMatrix product, only approved biodegradable polymer drug-eluting stent in market, making it attractive to larger stent makers, most of which U.S.-based. Autumn Eagle acquired stake from 7 vendors.
