Global life sciences company Labcorp (LH) recently announced that it has acquired digital health platform Ovia Health. The financial terms of the deal have been kept under wraps.
Following the news, shares of the company remained unchanged and closed at $300.52 on Thursday.
The buyout is expected to strengthen Labcorp’s position as a leading women’s health solutions provider, offering customizable products and enhanced communication between healthcare providers and patients. The acquisition follows a strategic investment made by Labcorp’s Venture Fund in Ovia Health in August 2020.
The Chief Medical Officer of Labcorp Diagnostics, Dr. Brian Caveney, said, “We’re excited to expand our leadership in women’s health solutions by bringing Ovia Health’s trusted health content and easy-to-use digital platforms to our patients and customers. We welcome Ovia Health’s innovative and dedicated team to Labcorp and look forward to bringing the combination of our strengths in women’s health to our customers.” (See Labcorp stock chart on TipRanks)
Recently, Credit Suisse analyst A.J. Rice initiated coverage on the stock with a Buy rating. The analyst’s price target of $295 implies downside potential of 1.8% from current levels.
Overall, the stock has a Strong Buy consensus based on 7 unanimous Buys. The average Labcorp price target of $317.17 implies upside potential of 5.5% from current levels.
Labcorp scores a 7 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock is likely to perform in line with market averages. Shares have gained 57.7% over the past year.
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