CVS Health to invest $12.4M in affordable housing in south Phoenix » 08:1003/0403/04/21
CVS Health announced it…
CVS Health announced it will invest $12.4M to build 60 new units of affordable housing in south Phoenix and expand the company's no-cost preventive health screening program, Project Health, in the greater Phoenix area as part of CVS Health's commitment to provide $600M over five years to address racial inequity and social determinants of health in Black communities.
IntercontinentalExchange holds a conference call with CVS Caremark » 10:1703/0303/03/21
Dr. Sree Chaguturu, CVS…
Dr. Sree Chaguturu, CVS Health & Chief Medical Officer of CVS Caremark, provides an update on COVID-19 variants and the supply and distribution of vaccines on a conference call to be held on March 3 at 12 pm hosted by Intercontinental Exchange.
Cigna acquisition 'incremental negative' for Hims & Hers, says Piper Sandler » 04:5003/0303/03/21
HIMS, CI, TDOC, AMWL
Piper Sandler analyst…
Piper Sandler analyst Sean Wieland views Cigna's (CI) announced plans to acquire MDLIVE as an "incremental negative" for Hims & Hers (HIMS). MDLIVE may be sold as a service to Amazon Pharmacy (AMZN) to enable telehealth and pharmaceutical fulfillment, which would be directly competitive with Hims & Hers, Wieland tells investors in a research note. The analyst views the prospect of an Amazon Pharmacy offering with integrated MDLIVE telehealth as incrementally negative for Hims. While MDLIVE takes insurance and often costs the consumer $0 for a telehealth visit that begins within 15 minutes of a request, Hims & Hers' "nascent" primary care offering promises a visit within 24 hours for the non-zero cost of $39 cash, a competitive disadvantage, says Wieland. The analyst also views the Cigna deal as an "incremental positive" for Teladoc (TDOC) and Amwell (AMWL).
1Life selloff on congressional inquiry overdone, says Citi » 16:0703/0203/02/21
The selloff in 1Life…
The selloff in 1Life Healthcare today on news of a congressional inquiry into its vaccine distribution processes is overdone, Citi analyst Daniel Grosslight tells investors in a research note. The analyst says that while any inequitable distribution of the COVID-19 vaccine is concerning, he does not think there was "anything nefarious in what appears to be a distribution process that relied too heavily on patient attestation." Grosslight thinks 1Life will continue to play an important role in the vaccine distribution. With that said, he notes that the company is assuming less than $2M of revenue from vaccine distribution in its current guidance. Grosslight keeps a Buy rating on 1Life Healthcare with a $61 price target. The stock closed Tuesday down 6% to $46.01.
IPG Mediabrands planning event focused on Black-owned media firms, AdAge says » 15:3703/0203/02/21
IPG, UONE, AXP, BMWYY, CVS, JNJ
IPG Mediabrands, a…
IPG Mediabrands, a division of Interpublic Group of Companies (IPG), intends to gather awareness and move money to Black-owned and -focused media businesses with a week-long event highlighting such firms, AdAge's Jeanine Poggi reports. IPG's Equity Upfront plans to highlight linear, streaming, digital, radio and print brands such as Allen Media Group/Entertainment Studios, BET Network, Essence Communications and Urban One (UONE), as well as others, the author notes. Such media companies would get the change to make pitches to Mediabrands clients, including American Express (AXP), BMW (BMWYY), CVS Health (CVS), Johnson & Johnson (JNJ), and others, the author says. Reference Link
House committee seeks documents from 1Life over vaccine practices » 11:1803/0203/02/21
Representative James Clyburn, chairman of the House Select Subcommittee on the Coronavirus Crisis, sent a letter yesterday to 1Life Healthcare CEO Amir Dan Rubin seeking documents on the company's vaccine allocation practices. The letter states in part: "Prioritizing the vaccination of Americans who are at higher risk from the coronavirus is critical to saving lives and controlling the pandemic as vaccine manufacturing and distribution ramp up. Yet reports indicate that One Medical has repeatedly and intentionally disregarded vaccine eligibility requirements in multiple cities and states over the past two months-diverting vital vaccine doses away from vulnerable populations to benefit wealthy concierge clients and friends and family members of your company's executives who are not eligible under state and local guidelines. Despite being warned that the company's lax oversight of vaccine eligibility rules was allowing ineligible patients to jump the line, One Medical has reportedly failed to promptly implement an effective protocol to verify eligibility and instructed staff not to police eligibility. As a result of these irresponsible practices, numerous authorities have now halted distributions of vaccine doses to the company. I write today to seek documents and information on One Medical's vaccination practices and to urge you to comply with state and local prioritization guidelines." Reference Link
Cowen downgrades Ontrak to Market Perform until visibility returns » 07:3903/0203/02/21
As reported previously,…
As reported previously, Cowen analyst Charles Ryhee downgraded Ontrak to Market Perform from Outperform with a price target of $35, down from $75. The analyst expects the shares to be rangebound until visibility returns following the loss of its largest customer Aetna (CVS). He said execution needs to return and he has less confidence in implied revenue guidance given the limited visibility.
Canaccord downgrades Ontrak after loss of largest customer » 07:2803/0203/02/21
As reported previously,…
As reported previously, Canaccord analyst Richard Close downgraded Ontrak (OTRK) to Hold from Buy with a price target of $30, down from $89. The analyst said the impeding loss of its largest customer Aetna (CVS) was 64% of its revenue and it was expected to remain a growth contributor in 2021. Despite its loss, Close believes customer concentration risk remains but he said management has detailed a robust pipeline with expansions and new client logos and needs to execute successfully in order to justify any multiple expansion.
Ontrak plunges after announcing loss of Aetna contract » 11:1203/0103/01/21
Shares of Ontrak (OTRK)…
RBC downgrades Ontrak to Sector Perform, cuts target to $32 after loss of Aetna » 10:2103/0103/01/21
As previously reported,…
As previously reported, RBC Capital analyst Sean Dodge downgraded Ontrak (OTRK) to Sector Perform from Outperform with a price target of $32, down from $82, arguing that the loss of Aetna, which is its largest client, "represents not only a significant headwind to revenue, but also to the growth outlook." As a result of the loss of its contract with CVS' (CVS) Aetna unit means management is now targeting 2021 revenue of $100M, or about 21% growth, down from the 100% growth it was preliminarily targeting, Dodge noted.