GoodRx gains after 12 mln share repurchase from Spectrum

GoodRx Holdings

22/11/2023 14:27

** Shares of GoodRx  GDRX.O  up 4.3% at $5.83 in thin
premarket volume after digital healthcare platform repurchases
stock from private equity backer
    ** GDRX late Tues disclosed in a filing it will buy 12 mln
shares from Spectrum Equity at $5.47/sh
    ** Co said will have about $53.5 mln remaining under its
$250 mln buyback program
    ** GDRX shares on Mon jumped 10% following disclosure late
Fri that CEO Scott Wagner bought about 131K shares worth roughly
$677 mln last week
    ** KeyBanc analyst Scott Schoenhaus said in flash note late
Tues recent stock purchases are "a clear indication" GDRX sees
its stock as undervalued and he expects co to further utilize
its remaining stock repurchase authorization
    ** Schoenhaus rates GDRX "sector weight"
    ** 7 of 19 analysts rate stock "buy" or "strong buy", rest
rate "hold", per LSEG data; median PT of $6 down from $8 on Oct
22
    ** Through Tues close, shares up 20% YTD but well off 2023
intra-day high of $9.37 hit in Jul

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))