tiprankstipranks
Hologic Completes $64M Acquisition of Somatex; Street Sees 24% Upside
Market News

Hologic Completes $64M Acquisition of Somatex; Street Sees 24% Upside

Hologic has announced the completion of Somatex Medical Technologies GmbH, a biopsy site markers and localization technologies provider, for approximately $64 million.

Hologic (HOLX) said that the Somatex deal will help the company expand its growing biopsy portfolio. The deal is in-line with the medical technology company’s strategy to offer “innovative solutions across the continuum of breast health care.”

The acquisition is expected to be slightly accretive to Hologic’s adjusted earnings at the beginning of the current fiscal year.

“The acquisition of Somatex allows us to expand our biopsy portfolio by providing a suite of market-leading solutions that not only address our customers’ needs, but also improve the biopsy experience for their patients,” commented Hologic’s Jennifer Meade. (See HOLX stock analysis on TipRanks)

On Dec. 8, 2020, Argus Research analyst David Toung raised the stock’s price target to $100 (37.3% upside potential) from $85 and maintained a Buy rating. Toung expects Hologic’s strong earnings and cash position to accelerate product development and support accretive acquisitions.

Meanwhile, the rest of the Street has a cautiously optimistic outlook on the stock. The analyst consensus of a Moderate Buy is based on 8 Buys and 3 Holds. The average analyst price target stands at $90.11, which implies upside potential of about 23.7% to current levels. Shares have gained 39.5% in 2020.

Related News:
Ensign Group Snaps Up Three Nursing Facilities; Street Firmly Bullish
Roku On Cusp Of Deal To Buy Quibi’s Content Catalog – Report
MGM Looks to Acquire Entain and Move into Online Gambling – Report

Trending

Name
Price
Price Change
S&P 500
Dow Jones
Nasdaq 100
Bitcoin

Popular Articles