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August 14, 2019 05:20 PM

Hospital, health tech stocks fall faster than the market

Tara Bannow and Jessica Kim Cohen
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    stocks

    Shares in nearly all the investor-owned hospital chains shed value at higher rates than the Dow Jones Industrial Average and S&P 500 on Wednesday, which declined 3.1% and 2.9%, respectively.

    Tenet Healthcare Corp. saw the biggest drop among its peers. Shares of the Dallas-based company shed nearly 8% of their value on Wednesday. Franklin, Tenn.-based Community Health Systems saw its share price slide 7%.

    Other hospital chains weren't hit as hard. Shares in King of Prussia, Pa.-based Universal Health Services were down 2% Wednesday, and Nashville-based HCA Healthcare's share price fell 3.6%.

    Barely a month after slew of digital health companies began public trading in July, they took a sizable hit.

    Livongo Health and Phreesia, two digital health companies that went public last month, were down 6.4% and 8%, respectively.

    Health Catalyst, another digital health company that began trading on the Nasdaq in July, dropped 10.5%.

    More established players Cerner Corp. and Allscripts Healthcare Solutions fared better, down just 2% and 3%, respectively. Teladoc Health was down 6.7%.

    Change Healthcare, the revenue-cycle management company formed through a series of acquisitions and a merger with McKesson's technology business, was up 9%. It began trading in June.

    Most health insurers' share prices were down about 2% to 3%, with Cigna Corp. taking the biggest hit at -5.5%. —with Shelby Livingston

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    • News
      • Current News
      • COVID-19
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      • Finance
      • Technology
      • Safety & Quality
      • Transformation
        • Patients
        • Operations
        • Care Delivery
        • Payment
      • People
      • Regional News
        • Midwest
        • Northeast
        • South
        • West
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    • Digital Health
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      • Vital Signs Blog
      • From the Editor
    • Awards
      • Nominate/Eligibility
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      • Best Places to Work in Healthcare
      • Excellence in Governance
      • Health Care Hall of Fame
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      • Top 25 Emerging Leaders
      • Top 25 Innovators
      • Diversity in Healthcare
        • - Luminaries
        • - Top 25 Diversity Leaders
        • - Leaders to Watch
      • Women in Healthcare
        • - Luminaries
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        • - Women to Watch
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        • Transformation Summit
        • Women Leaders in Healthcare Conference
        • Social Determinants of Health Symposium
        • Leadership Symposium
      • Galas
        • Health Care Hall of Fame Gala
        • Top 25 Women Leaders Gala
        • Best Places to Work Awards Gala
        • Top 25 Diversity Leaders Gala
      • Virtual Briefings
        • - Hospital of the Future
        • - Value Based Care
        • - Supply Chain Revenue Cycle
        • - Hospital at Home
        • - Workplace of the Future
        • - Strategic Marketing
        • - Virtual Health
      • Webinars
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