Here's Why Evolent Health Jumped Higher Today
Shares of Evolent Health (NYSE: EVH) are up 20.4% at 3:23 p.m. EDT after the company announced that Passport Health Plan, one of Evolent Health's biggest customers, is being sold to Molina Healthcare (NYSE: MOH).
Last month, Evolent fell substantially after disclosing that Passport didn't get its Medicaid contract with the state of Kentucky renewed for 2021. The sale of Passport to Molina rescues some of Evolent's lost business and will put some money in the company's pockets since it had statutory capital tied up in the health plan.
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Source Fool.com
