Movement Alert｜CVS Health Intraday Rise 3.02%, shares rebound after opioid settlement disclosure

Market Focus10-15

On October 15, CVS Health rose 3.02% in Regular Trading, trading at $90.155 per share, with turnover of $370 million.

The most recent company-specific development was the Justice Department disclosure that CVS Health and related entities agreed to pay $315 million to resolve allegations tied to opioid and other controlled-substance prescriptions and related federal healthcare billing.

That disclosure arrived against a weaker healthcare tape, with the NYSE Healthcare Index down 1.2%, the Health Care Select Sector SPDR ETF down 1.4%, and the iShares Biotechnology ETF down 2% late Tuesday. Earlier this month, analysts also trimmed target prices, including Leerink to $112 from $119 and BofA to $110 from $120, while FactSet-polled analyst averages still pointed to a mean target around $114. CVS Health is next scheduled to report earnings on November 4, with consensus EPS at $1.62.

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