Why Are Evelo Biosciences Stock Is Trading Higher Today?

Evelo Biosciences Inc EVLO shares are trading higher after the company terminated its sublease agreement with Bio-Rad Laboratories Inc BIO.

The agreement, originally established on December 27, 2017, has ended. As a result of this termination, Evelo Biosciences has agreed to make a termination payment of $523,556 to Bio-Rad. 

Additionally, they have granted Bio-Rad the authority to draw on a letter of credit amounting to $850,000.

It is worth noting that this termination also presents the possibility of an additional payment of up to $2.5 million, further emphasizing the financial implications of this move. 

Price Action: EVLO shares are up 27.50% at $12.57 on the last check Friday. BIO shares are up 1.35% at $403.60 on the last check Friday.