Alere Inc. Common Stock (NYSE: ALR)
While the opening bell hasn't rang just yet, Alere is having a rough day in the pre-market. In fact, the stock is trading down quite a bit and seems to be continuing on that path. Below, we'll talk about what we're seeing from the stock, why, and what we'll be watching for with regard to ALR ahead.
What We're Seeing From ALR
As mentioned above, Alere isn't having the best of times in the pre-market hours today. In fact, the stock is sinking quite a bit, falling further and further into the abyss. At the moment (8:42), ALR is trading at $36.98 per share after falling a total of $1.51 per share or 3.92% thus far today.
Why The Stock Is Falling
Before we get into the details on ALR, we believe that it's important to give credit to those that brought the scoop to us first. Trade Ideas was the first to alert us of the downward movement in the pre-market on the stock. As soon as we received the notification, the CNA Finance team started working to see why the stock was making a run for the bottom. It didn't take long to dig up the story, and unfortunately, the news definitely isn't positive.
You see, Alere lost Medicare billing rights quite a while ago and has been working to restore this. After all, many consumers use Medicare and with an inability to bill on these customers, there's a big chunk of the market missing. Unfortunately however, it was announced today that the company lost its bid to restore Medicare billing rights. Of course, this is causing concern among investors, leading to declines in the value of the stock.
What We'll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on ALR. In particular, we're interested in learning what the company's next steps are. We assume that they will continue trying to restore Medicare billing rights, but that is yet to be announced. Nonetheless, we'll be watching the story closely and bringing it to you as it breaks!
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