Keep an eye on Myovant Sciences (MYOV).

The stock is up more than $6.88 on the day on a volume spike to 6.4 million, as compared to daily average volume of 750,453.

All after the company rejected a buyout offer from Sumitomo Pharma and its wholly owned subsidiary Sumotivant Biopharma.  At the moment, Sumitovant owns about 52% of Myovant’s outstanding shares, and wanted to purchase the remainder for $22.75 a share.

However, the Myovant board determined that offer “significantly undervalues” the company, but is still open to negotiations.

In fact, according a Myovant press release:

“The Special Committee, in consultation with its financial and legal advisors, has carefully reviewed the Proposal and determined that it significantly undervalues the Company and, therefore, is not in the best interests of the Company or its minority shareholders. The Special Committee remains open to considering any improved proposal that reflects the full and fair value of the Company and is otherwise in the best interests of the Company and its shareholders, and is prepared to engage further with Sumitomo regarding any such proposal.”

MYOV last traded at $24.84, and could push higher on further bids.