Bio-Rad shares are trading higher after the company announced a $500 million share repurchase program. Also, Evelo Biosciences terminated its sublease agreement with the company and agreed to make a termination payment.
Portfolio Pulse from Benzinga Newsdesk
Bio-Rad Laboratories has announced a $500 million share repurchase program, causing its shares to trade higher. In addition, Evelo Biosciences has terminated its sublease agreement with Bio-Rad and agreed to make a termination payment.
July 21, 2023 | 4:20 pm
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Bio-Rad's announcement of a $500 million share repurchase program and termination of sublease agreement with Evelo Biosciences has led to a rise in its share price.
Share repurchase programs are generally seen as a positive signal by the market, indicating that the company believes its shares are undervalued. This, coupled with the termination payment from Evelo Biosciences, provides additional capital, both of which are likely to have contributed to the rise in Bio-Rad's share price.
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