Shares of Volcano Corp. are up this morning after the medical device company launches a stock buyback worth up to $200 million.
Volcano said yesterday after the market's close that its board authorized the share repurchasing program, including an accelerated plan worth $100 million with J.P. Morgan Securities for some 3.6 million shares. The remaining $100 million repurchase is slated to be made in the open market, Volcano said.
The move buoyed VOLC share prices to $23.75 apiece as of about 10:20 a.m. today, up 5.6%. The buyback could ultimately see the San Diego-based medical device company acquire about 15% of its own shares, according to Leerink Swann analyst Danielle Antalffy.