athenahealth, Inc (NASDAQ: ATHN) is having an overwhelmingly strong start to the trading session this morning, and for good reason. A 13D was filed showing a large stake has been taken in the company. As a result, investor excitement ensued, leading to gains in the stock and prompting our partners at Trade Ideas to alert us to the movement. At the moment (9:49), ATHN is trading at $126.11 per share after a gain of $19.83 per share or 18.66% thus far today.
ATHN Gains On 13D
As mentioned above, athenahealth is having a strong day in the market today, and for good reason. A 13D was filed with regard to the company, showing that a large institutional stake has been purchased. According to the SEC filing, Elliott Associates has purchased a 9.2% stake in the company. According to Elliott, the company is undervalued and has a disruptive value proposition.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping an incredibly close eye on ATHN. In particular, we’re interested in following the company to see if Elliot is indeed correct about the undervaluation and the potential disruptive value proposition offered here. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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