Shares in Targeted Genetics Corp. shot up more than 60 percent in early trading Monday, but company officials say they don't know why the stock price is rising so rapidly.
"We don't have any announcements, and I don't have any rumors," said Stacie Byars, director of communications for the Seattle biotech.
She did point out that earlier this month Targeted Genetics reduced its debt to Biogen Idec, as the Massachusetts company took a larger ownership stake in the Seattle biotech.
In May, Targeted Genetics enacted a one-for-10 reverse stock split, which raised the company's stock price from the 35-cent-per-share range to more than $3 per share. In Monday's early trading, shares in Targeted Genetics shot up from $3.84 per share to about $6.30.
NASDAQ: TGEN - In late afternoon trading, TGEN is still up 1.99 at 5.79.
About TGEN- Targeted Genetics Corporation was incorporated in the state of Washington in 1989. They develop gene therapy products and technologies for treating both acquired and inherited diseases. The Company's gene therapy product candidates are designed to treat disease by regulating cellular function at a genetic level. Gene therapy products involve the use of delivery vehicles, called vectors, to place genetic material into target cells. Total revenue in 2004 was $9.7 million, compared to $14.1 million in 2003.
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