Barclays analyst Jack Meehan lowered his price target for LabCorp to $165 and $205 and removed the stock's Top Pick designation after the company on Friday lowered its Q4 outlook. The magnitude of the reduction so shortly after the company reduced guidance with Q3 earnings is a disappointing surprise, Meehan tells investors in a research note. The analyst, however, reiterates an Overweight rating on LabCorp saying several of LabCorp's issues are now "in the baseline."

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.

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