Cardica, Inc. (NASDAQ: CRDC), the company which makes medical instruments for coronary bypass operations, skyrocketed in pre-market trading today from $1.66 to $2.50, an increase of 5o.6%. This growth comes during a 52-week range of $1.00 to $2.85, and is marked by the movement of 26,200 shares; a very significant amount for pre-market trading compared with the company’s daily average of 40,919.
The cause of this movement is a deal between Cardica and Intuitive Surgical, Inc. (NASDAQ: ISRG), in which Intuitive now owns 5% of available Cardica stock and has exclusive rights to the company’s intellectual property.
-Michael B. Sauter
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