Why Is Enzo Biochem (ENZ) Stock Up 72% Today?


  • Enzo Biochem (ENZ) stock is rising higher on an asset sale agreement.
  • It’s selling its Clinical Laboratory division to Labcorp (LH).
  • This has the company’s stock seeing heavy trading today.
ENZ Stock - Why Is Enzo Biochem (ENZ) Stock Up 72% Today?

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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.

Investors looking for more of the latest stock market news are in luck!

We’ve got all of the latest stock market coverage traders need to know about on Friday! That includes the biggest pre-market stock movers this morning, as well as the latest on bank stocks and AI. You can catch up on all of that news at the following links!

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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.

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