P3 Health Partners falls after BTIG downgrades to 'neutral'

P3 Health Partners

01/04/2024 13:04

** Shares of health management company P3 Health Partners
 PIII.O  fall 2.9% to $1 premarket after brokerage BTIG
downgrades to "neutral" from "buy"
    ** "Given the higher than expected medical claims costs,
increases in reserves, lack of visibility, and fairly tight cash
position, we are downgrading PIII to Neutral" - BTIG
    **  Brokerage says, "the higher cost-trend is coming from
flu, COVID, Part B, and higher utilization that we are seeing
across MA (Medicare Advantage) markets"
    ** Up to last close, stock down 27% YTD

 (Reporting by Puyaan Singh)
 ((Puyaan.Singh@thomsonreuters.com;))