Why Shares of Evolent Health Jumped 22% Thursday
Shares of Evolent Health (NYSE: EVH) rose more than 22% in early trading Thursday. The healthcare services stock, which closed at $22.21 on Wednesday, opened at $24.37 on Thursday and rose to a high of $27.03 in the first hour of trading. The stock has a 52-week low of $17.50 and a high of $34.60. The stock is down more than 6% this year but up more than 31% over the past 12 months. The stock's rise came on a day when it seemed most stocks saw their shares plummet.
The stock rose after the company had good news in its fourth-quarter earnings, which were released before the market closed on Thursday. The company provides integrated and simplified administrative operations, risk adjustment, pharmacy management benefits, and an integrated platform for both healthcare payers and providers. Simply put, it functions to keep healthcare costs down.
Image Source: Getty Images
Source Fool.com
