MERRICK, Texas — Merrick pharmaceutical stocks have jumped about 70% in the past 24 hours as the CEO of Merrick’s Pharmaceuticals Group and the President of Merririck’s Board of Directors traded shares at record prices.
The company’s shares have soared more than 80% since trading began on Monday.
The stock’s market value reached $2.0 billion in a 24-hour period ending Friday, the company said Friday.
The company’s stock is up more than 7% this year.
President and CEO, Richard Broussard, was traded up by more than 25% in just over an hour on Friday, after a record-setting day on Monday when the stock rose more than $1 billion.
Broussards shares rose by almost $300 after the company’s annual meeting in San Antonio on Thursday, according to data from Thomson Reuters data.
Brousard has served as CEO of the company since January, when he was named the president and CEO.
He took over as president of the Pharmaceuticals group in March, after the merger of Merck & Co. and Regeneron Pharmaceuticals was announced.
Merrick is one of two drugmakers in the U.S. that is owned by the same parent company, which is owned 50% by Pfizer Inc. and 50% and Genentech Inc.
Briosard has been a vocal critic of President Donald Trump, who was elected in November, and of other companies like Merrick that he says profit from the country’s opioid addiction crisis.
The shares of Merricks Pharmaceuticals and Regenerons Pharmaceuticals rose almost 20% on Friday.
Bouvier and other analysts have long warned that Merrick is undervalued because the merger is the biggest merger in history.
“The stock price is based on the expectation that a merger of Pfizer and Regeneris would provide the pharmaceutical industry with a much needed and affordable alternative to Merrick and Merriarts competitors,” said Andrew Miller, chief market strategist at Stifel Nicolaus &.
The merger is expected to close by the end of this year and would create a combined company that would be valued at $11 billion, according to Forbes.