The Morning Brief: Barclays Cuts Price Target on Greenlight Short Athenahealth

Barclays cut its price target on Athenahealth to $97 from $105 and maintained its underweight rating on the stock, telling clients in a note that “near- to mid-term expectations have declined.” The company provides cloud-based billing and other services to the health care industry. As we have reported many times, David Einhorn’s New York-based Greenlight Capital has been shorting the stock for several years.

In a note to clients, Barclays stresses it continues to view Athenahealth’s cloud-based technology favorably but adds, “it is important to differentiate between the significant long-term opportunity and more limited near-term opportunity.” The stock fell 2.16 percent on Monday, to close at $100.17. It is now down nearly 40 percent for the year, making it one of Greenlight’s better investments in 2016.


Shares of Ascena Retail Group fell 2.9 percent to close at $6.40. On Monday we highlighted how hedge fund Firefly Value Partners is short the specialty retailer.


Dan Gold’s New York-based QVT Financial disclosed it owns 1 million shares of Hunter Maritime Acquisition Corp., or 6.67 percent of the blank check company formed by Belgium’s Saverys family to acquire a drybulk shipping company. In October it raised $150 million in an initial public offering. QVT currently manages about $2.5 billion.