
Shares of life science firm Avantor AVTR.N rise 10.4% to $12.70 premarket
Activist investor Engine Capital, which owns about 3% of co's shares, sent a letter to the company's board saying that it believes co's shares are "deeply undervalued" and called for its board to be refreshed with new directors
Engine in its letter says co must carry out cost-cutting initiatives, improve capital allocation, evaluate some non-core asset sales and a board refresh
Engine says stock could be worth between $22 and $26 per share at the end of 2027
Up to last close, stock down 45.4% YTD