NEW YORK (TheStreet) -- Shares of Cigna Corp (CI) were spiking, sharply up 13.83% to $156.30 on heavy volume in afternoon trading Monday, following a takeover approach by Anthem Inc (ANTM) as the health-insurance industry continues to consolidate, according to The Wall Street Journal.
In the past 10 days, Anthem made two takeover bids for Cigna which have both been shot down including one for about $175 a share, The Journal added.
Shares of Anthem are similarly higher, up 2.92% to $165.40 today.
About 5.53 million shares of Cigna have exchanged hands as of 1:08 p.m. ET today, compared to its average daily volume of about 1.96 million shares a day.
Bloomfield, Conn.-based Cigna is a health services company that offers medical, dental, disability, life and accident insurance and related products and services.
Separately, TheStreet Ratings team rates CIGNA CORP as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:
"We rate CIGNA CORP (CI) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, good cash flow from operations and solid stock price performance. We feel its strengths outweigh the fact that the company shows low profit margins."
Highlights from the analysis by TheStreet Ratings Team goes as follows: