Allegro MicroSystems is down 12.7% since the beginning of the year, and at $19.92 per share, it is trading 39.9% below its 52-week high of $33.15 from July 2024.

Shares of chip designer Allegro MicroSystems (NASDAQ:ALGM) jumped 22.3% in the morning session after Bloomberg reported the company is fielding takeover interests from peer, ON Semiconductor.