LH - Enzo Biochem: Activist Pressure Could Finally Lead To A Company Sale

• On June 9, Enzo Biochem announced a new strategic review that may finally lead to the sale of the long-mismanaged company.
• Since late 2021, positive changes have taken place - long-time CEO Rabbani was replaced with an independent CEO, an experienced activist was appointed to the Board and Rabbani-affiliated President resigned.
• For these reasons, a company or asset sale may eventually materialise.
• The set-up appears to exist because of low liquidity and analyst coverage.
• Downside is limited by undervaluation and net cash position of ENZ.

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