Here’s Why Boston Scientific Corp. (BSX) Skyrocketed Today

We recently compiled a list of the 10 Firms, Predominantly Gold Miners, Lead Wednesday Rally. In this article, we are going to take a look at where Boston Scientific Corp. (NYSE:BSX) stands against the other stocks.

Ten companies–predominantly gold miners–led Wednesday’s rally on Wall Street, despite the latter’s main indices closing mixed.

The Dow Jones eked out a 0.25 percent gain, while the S&P’s main index inched up 0.16 percent. Nasdaq bucked counterparts, dipping by 0.06 percent.

We considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume to come up with Wednesday’s top advancers.

A surgeon examining a patient’s brain in an operating room, paramedics nearby.

Boston Scientific Corp. (NYSE:BSX)

Boston Scientific Corp. (NYSE:BSX) —a biotechnology company—saw its share price rise by 4.3 percent to $95.95 apiece on Wednesday as investors took heart from news that it would acquire Bolt Medical Inc. for $664 million.

According to Boston Scientific, it would pay $443 million upfront, while up to $221 million will be paid in milestones.

Prior to the ownership hike, Boston Scientific already owned more than 20 percent of Bolt Medical. Its acquisition will allow the company to enter the intravascular lithotripsy (IVL) market.

Bolt Medical is focused on the design and development of laser-based IVL catheters used in coronary and peripheral interventional procedures, particularly in patients with moderate to severe calcified arterial disease, an innovation that helped establish its name in 2019. According to the company, it currently employs around 250 employees.

Overall BSX ranks 10th on our list of the firms that led Wednesday rally. While we acknowledge the potential of BSX as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than BSX but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.