JMP Securities analyst Constantine Davides lowered the firm’s price target on Evolent Health (EVH) to $27 from $43 and keeps a Market Perform rating on the shares following Q3 results. Negative prior-period developments for claims processed from September through early November drove $24M of higher-than-expected costs, while the cost trend that accelerated in August and September drove an additional $18M in unexpected Q3 medical expenses, primarily within the company’s oncology line, JMP told investors.
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