NEW YORK (TheStreet) -- Shares of Anthem (ANTM) are rallying, up 2.82% to $165.24 on heavy volume in afternoon trading Monday, following its takeover attempts of Cigna Corp (CI), as the health-insurance industry continues to consolidate, according to The Wall Street Journal.
In the past 10 days, Anthem has made two takeover bids for Cigna which have both been rejected, including one for about $175 a share, The Journal added.
Shares of Cigna are soaring, up 13.04% to $155.21 today.
About 1.9 million shares of Anthem have exchanged hands as of 1:20 p.m. ET today, compared to its average daily volume of about 1.89 million shares a day.
Indianapolis-based Anthem is a health benefit company in terms of medical membership in the U.S.
The company manages its operations through three segments including commercial, consumer, and other.
Separately, TheStreet Ratings team rates ANTHEM INC as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:
"We rate ANTHEM INC (ANTM) 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 solid stock price performance, impressive record of earnings per share growth, compelling growth in net income, revenue growth and largely solid financial position with reasonable debt levels by most measures. We feel its strengths outweigh the fact that the company shows low profit margins."