Aegis analyst Benjamin Haynor noted that SEC filings related to the agreement for CombiMatrix (CBMX) to be acquired by Invitae (NVTA) present two formulas for the calculation of the exchange ratio, which he believes is causing some confusion, creating an arbitrage opportunity. He reiterates his Buy rating on CombiMatrix and raised his price target on the stock to $8.33 from $8.10, adding that the post-announcement rise in Invitae shares may make his target conservative if that move up holds.

Invitae (NVTA) announced that Labcorp (LH) has been selected as the winning bidder in the Company's auction in its sale process under Section 363 of the U.S. Bankruptcy Code. Labcorp will acquire substantially all of the Company's assets on a going concern basis for $239 million in cash consideration, plus other non-cash consideration. The hearing to approve the sale is currently scheduled for May 6, 2024. With Court approval, as well as customary regulatory approvals and closing conditions, Labcorp and Invitae anticipate completing the sale process in the third quarter of 2024.