US healthcare stocks came under pressure after CMS said it would expand Medicare Advantage audits and partner with the HHS Inspector General to recover past overpayments.
Health care stocks are tanking in Wednesday's extended trading after CMS announced a significant expansion of its auditing efforts for Medicare Advantage (MA) plans.
Shares of health insurance company UnitedHealth (NYSE:UNH) fell 5.5% in the afternoon session after HSBC analysts downgraded the stock's rating from Neutral to Sell, adding that the recent sell-off had yet to provide a cheap opportunity to buy. The analysts also cited key reasons for the concerns, including "higher medical costs, political pressure on drug prices, and lower overall profitability ahead, especially if there are cuts to Medicaid spending.".
Marjorie Taylor Greene disclosing buying 19 different stocks in a new filing. The buys come less than two weeks after the purchase of 50 different stocks.
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U.S. stock futures were slightly lower on Tuesday after ending largely flat on Monday. Futures of major benchmark indices were trading lower in premarket.
