Reason why Enzo Biochem (NYSE:ENZ) surged on Friday

Enzo Biochem, Inc. (NYSE:ENZ) last  traded at $2.2500, a gain of $1.0600 (+89.08%). The previous close was at 1.1900, while the open reached 2.1800. The last bid stood at 2.2200 x 1200, with an ask of 2.2400 x 1000. The day’s range was between $1.9600 and $2.3899, and the 52-week range spanned from $1 to 3.0900. The trading volume amounted to 35,712,598, compared to the average volume of 698,400.

So why did ENZ surge on Friday ?

Enzo Biochem stands at the forefront of molecular diagnostics, spearheading the integration of clinical labs, life sciences, and intellectual property by creating innovative diagnostic platform technologies that offer significant improvements over earlier methods. As an international organization, Enzo Biochem leverages interdisciplinary teams to create and implement solutions, systems, and services that address the constantly evolving and expanding demands of healthcare, both now and in the future. Supporting Enzo Biochem’s products and technologies is an extensive intellectual property portfolio that includes patents covering a range of crucial enabling technologies.

Enzo Biochem, Inc. has announced its agreement to sell its Clinical Laboratory division, Enzo Clinical Labs, to Labcorp. This move is part of Enzo’s strategic initiative started in 2022 to concentrate on growth opportunities and maximize shareholder value. Enzo’s CEO, Hamid Erfanian, expressed confidence in Labcorp’s ability to elevate Enzo Clinical Labs’ operations, and Bill Haas from Labcorp emphasized the company’s commitment to providing excellent testing and customer service.

Following the sale, Enzo Biochem will focus on its remaining segment, Enzo Life Sciences, which offers a wide range of products and services for drug discovery, development, and translational research applications. The transaction is subject to approval by Enzo’s shareholders and other standard closing conditions, including compliance with the Hart-Scott-Rodino Antitrust Improvements Act of 1976. Further details will be disclosed in the company’s Form 8-K filing with the Securities and Exchange Commission, and a special shareholder meeting will be held to seek approval for the sale.

Other biotech stocks in focus

Other hot biotech stocks in focus in Enzo Biochem’s space includes: GeneDx Holdings (NASDAQ:WGS), Aveanna Healthcare Hldgs (NASDAQ:AVAH), ATI Physical Therapy (NYSE:ATIP), Star Equity Hldgs (NASDAQ:STRR) and Assure Hldgs (NASDAQ:IONM).