NEW YORK (TheStreet) -- Arrowhead Research  (ARWR) - Get Arrowhead Pharmaceuticals, Inc. Report surged Tuesday after Roche's $8.3 billion acquisition of InterMune  (ITMN) led the biotech sector higher.

Roche will pay $74 a share for InterMune, which represents a 38% premium to Friday's closing price of $53.80, in an all-cash deal. The acquisition pushed multiple biotech stocks higher Monday and that upward momentum continued Tuesday.

Deutsche Bank's Robyn Karnauskas told CNBC's Fast Money on Monday that Arrowhead is a takeout target with 100% upside in the next six months.

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Arrowhead was up 15.25% to $15.49 at 2:23 p.m. More than 6.8 million shares had changed hands, compared to the average volume of 2,709,760.

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