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NEW YORK (TheStreet) -- Transenterix (TRXC) stock is skyrocketing 15.85% to $3.07 on heavy volume in afternoon trading on Thursday on speculation that it might be a takeover target.

Investors believe that Johnson & Johnson (JNJ) might acquire the company. 

Based in Morrisville, NC, Transenterix is a medical device company focused on the development and commercialization of a robotic assisted surgical system called the SurgiBot System.

Last week, Johnson & Johnson announced that it will cut 3,000 jobs within its stagnating medical device unit in an effort to boost cost savings. 

Johnson & Johnson has already teamed up with Alphabet (GOOGL) to create less costly robotic surgical devices.

About 5.12 million shares of Transenterix have been traded so far today, well above the company's average trading volume of roughly 697,646 shares per day. 

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