Syncor to Buy Back 500,000 More Shares

Syncor International Corp. has authorized the buyback of an additional 500,000 shares of its stock on the open market.

The Chatsworth-based pharmaceutical company had previously announced a buyback of about 200,000 shares.

Companies typically have buyback programs because they believe their stock is undervalued and hope that shrinking the number of shares outstanding will drive up the price. Syncor’s stock has traded recently in the $14 range.