Why XBiotech Shares Are Skyrocketing 32.7% Today

After the company announced that it will repurchase up to $420 million of its shares at a price no lower than $30 nor higher than $33 apiece, shares in XBiotech (NASDAQ: XBIT) are surging 32.7% higher at 3:00 pm EST on Tuesday.

The share repurchase follows Johnson & Johnson's (NYSE: JNJ) acquisition of XBiotech's only clinical-stage asset, bermekimab, for $750 million in December.

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Source Fool.com