Catalent (NYSE:CTLT) stock is getting a boost on Tuesday after the consumer health company reached an agreement with Elliott Investment Management.
This has Catalent adding four new directors to its board while also agreeing to conduct a strategic review. Elliott Investment Management, an activist investor in the company, has been pushing for such actions and is adding senior executive Steven Barg to CTLT’s board.
With the addition of these new directors, the Catalent board will increase to 16 but will drop back down to 12 when four retire in the coming months. This will give Elliott Investment Management more pull at the company to enact its preferences for change.
All of this comes as Catalent has struggled over the last few months. That includes the company reporting a major drop in revenue for its latest earnings. Adding to that are private equity firms and other buyers seeking to take over the company.
How This Affects CTLT Stock
Investors appear excited about the latest agreement with Elliott Investment Management. That’s led to strong trading of the company’s shares, with some 1.2 million on the move as of this writing. That’s not a bad start to the day next to its daily average trading volume of about 3.1 million shares.
CTLT stock is up 8.6% as of Tuesday morning.
Investors looking for even more of the most recent stock market news today are in the right place!
InvestorPlace is home to all of the deepest dives into the biggest stock market stories for Tuesday! A few examples include what’s going on with shares of Yellow Corp (OTCMKTS:YELLQ), Nio (NYSE:NIO), and Apellis Pharmaceuticals (NASDAQ:APLS) stock today. You can catch up on all of that news by checking out the links below!
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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.
