Enzo Biochem (NYSE:ENZ) stock is rocketing higher on Friday after the company agreed to an asset sale with Labcorp (NYSE:LH).
That asset sale has Enzo Biochem agreeing to divest its Clinical Laboratory division to Labcorp. Neither company is saying how much was spent by Labcorp to acquire Enzo Biochem’s Clinical Laboratory assets.
What Enzo Biochem does say is that this move is part of its focused return initiative. This is the company’s plan to focus more on the life sciences sector in order to maximize the value of ENZ stock.
Hamid Erfanian, CEO of Enzo Biochem, said the following about the deal:
“We are very grateful to all our colleagues who have made Enzo Clinical Labs a trusted source for patient care. With proven expertise in clinical laboratory services and products, Labcorp is perfectly positioned to bring these operations to new levels of momentum and success.”
ENZ Stock Movement on Friday
News of the asset sale has investors excited about ENZ stock today. That’s resulted in heavy trading of the company’s shares, with some 1.6 million units on the move as of this writing. To put that in perspective, the company’s daily average trading volume is closer to 68,000 shares.
ENZ stock is up 72.2% during pre-market trading on Friday.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.