Charles River rises after settlement with activist investor Elliott, 2025 forecast raise

Contract research firm Charles River Laboratories' CRL.N shares rise 23.7% to $142.74 premarket

Company says it has reached an agreement with activist investor Elliott Investment Management and added four new directors to its board

Elliott's Global Head of Engagement Steven Barg will join the board along with three other independent directors who have expertise in the pharmaceutical industry, Reuters reported earlier on Wednesday

Company also raises 2025 adj profit forecast to $9.30 to $9.80 per share, from $9.10 to $9.60 per share

"We view this strategic action, coupled with a raise in guidance, positively given the political and industry pressures faced by the company in recent quarters"- brokerage Mizuho

As of last close, stock down 37.5% YTD