ZimVie shares drop after Zimmer Biomet spinoff

Zimvie

01/03/2022 19:00

** Shares of ZimVie  ZIMV.O  down 26.8% at $27.80 after
separating from Zimmer Biomet  ZBH.N 
    ** Dental and spine business of former parent Zimmer started
trading as independent firm on Tues on Nasdaq with symbol "ZIMV"
 urn:newsml:reuters.com:*:nGNX5gTmts
    ** Zimmer's shareholders received one share of ZimVie for
every ten shares of ZBH they held
    ** Zimmer retains approx 19.7% of Zimvie's stock under terms
of the separation
    ** Credit Suisse early Tues initiated coverage of ZimVie
with "underperform" rating and $34 PT
    ** ZimVie slated to join S&P SmallCap 600 index  .SPSY 
prior to market open Weds, replacing Tabula Rasa Healthcare
 urn:newsml:reuters.com:*:nPn5LN6lKa
    ** Meanwhile, ZBH's shares down 0.1% at $123.24. Stock has
lost ~22% over the past year

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))