Why Are Evelo Biosciences Stock Is Trading Higher Today?
Portfolio Pulse from Vandana Singh
Evelo Biosciences Inc (NASDAQ:EVLO) terminated its sublease agreement with Bio-Rad Laboratories Inc (NYSE:BIO), agreeing to make a termination payment of $523,556 and granting Bio-Rad the authority to draw on a letter of credit amounting to $850,000. There is also a possibility of an additional payment of up to $2.5 million. Following the news, EVLO shares rose by 27.50% and BIO shares increased by 1.35%.
July 21, 2023 | 1:48 pm
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POSITIVE IMPACT
Bio-Rad Laboratories received a termination payment from Evelo Biosciences, leading to a slight increase in its share price.
The termination payment from Evelo Biosciences could be seen as a positive move by investors, leading to a slight increase in Bio-Rad Laboratories' share price.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 75
POSITIVE IMPACT
Evelo Biosciences terminated its sublease agreement with Bio-Rad, leading to a rise in its share price.
The termination of the sublease agreement and the subsequent payments to Bio-Rad could be seen as a positive move by investors, leading to a rise in Evelo Biosciences' share price.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100