I was holding Celgene CELG and Bristol-Myers Squibb BMY before the merger. I received one BMY/RT worth $2.43 vs the BMY $60. I assumed this was the remaining difference from CELG after it was swapped for BMY in my account, something like a partial share. However I noticed that BMY/RT was gaining value at a higher percentage rate than BMY, BMY=0.79% vs BMY/RT=3%
Doing a quick Google search I found that RT is the special ticker code than denotes rights. Allowing someone to buy a stock at a discounted price, but articles also say that they usually came with a rapid expiration date. I couldn't find anything on my broker about an expiration date. Is this correct? What exactly is this BMY/RT stock that I have, should I sell it? Or should I buy more on the market? It can be traded and does seem to be gaining value faster than BMY, or is that because it's about to expire like some kind of option?
*edit I was able to find a description where it was referred to as RTSRIGHTS EXP, so it is a rights offering, I'm just not sure how exactly it works.