Why Cano Health Stock Moved Up This Week
Shares of Cano Health (NYSE: CANO) gained a noteworthy 22% through the first three and a half days of trading this week, according to data provided by S&P Global Market Intelligence. The big gain came in response to CVS Health's (NYSE: CVS) $10.6 billion deal to buy Oak Street Health (NYSE: OSH).
Late last year, CVS Health was rumored to be considering a bid for Cano Health for its primary-care medical services business. Although the rumored deal never materialized, investors have been holding out hope that Cano will eventually find a suitor. The CVS-Oak Street tie-up apparently stoked these flames, given Cano's rapid rise this week.
Cano's shares have fallen by 73% over the prior 12 months. Investors have been steadily moving to the sidelines on this healthcare stock in response to the company's less-than-ideal financial situation.
Source Fool.com
