October 31, 2016 / 4:06 PM / a year ago

BUZZ-Cipher Pharmaceuticals Inc: Biggest intraday pct gain in 6 months

** Canadian drug developer’s U.S.-listed shares rise as much as 19.80 pct to $4.18, biggest intraday pct gain in nearly 6-1/2 months

** Company’s Toronto-listed shares also up 5.65 pct at C$4.86

** Company has hired an investment bank to review strategic alternatives, including a potential sale, people familiar with the matter told Reuters

** Cipher has been in the spotlight since its largest shareholder, John Mull, in July published a letter calling for the company’s board to consider trimming its size, replacing some members of the management team and reviewing its business model

** Last month, Mull, who owns nearly 40 pct of the company, was appointed chair of the board

** More than 55,000 shares traded, 8.8x 30-day moving avg

** Up to Friday’s close, stock had fallen 25.45 pct YTD

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