RTTNews | Mar 24, 2021 10:07AM EDT

10:07 Wednesday, March 24, 2021 (RTTNews.com) - Shares of Labcorp (LH) reached a new 52-week high of $254.46 Wednesday morning, after the company said its board is undertaking a review of the company's structure and capital allocation strategy.

LH is currently trading at $254.34, up $15.56 or 6.52%, with trading volume of over 290K versus an average volume of 729K shares.

The company noted that it continues to see strong momentum across its operations. But, it believe that its value is not being appropriately reflected in the company's current stock price. Further, the company has engaged Goldman Sachs & Co. LLC as its financial advisor to support the structure and capital allocation strategy process.

Labcorp noted that it continues to make progress executing its strategy and capitalizing on the power of its diagnostic and drug development businesses. It is successfully accelerating growth across its platform, while playing a critical role in the fight against COVID-19 and helping clients develop next-generation solutions for other key therapeutic areas such as oncology, liver and kidney disease, Alzheimer's and autoimmune disorders.

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