PHG - iRhythm gains on vague speculation of potential activist interest

iRhythm (IRTC) rose 5.3% on speculation that the company could potentially see activist interest after its shares have plunged 69% this year before today on lower reimbursement rates for its heart monitoring device.The speculation comes as traders appear to be circulating an Insightia report from April 29 that discusses how the company could be an activist target. Though traders mention activist Starboard Value, the report doesn't specifically say that Starboard could target IRTC. It does point out that Starboard took a 9% stake in Merit Medical Systems in early 2020.It also highlights consolidation among IRTC's peers including BioTelemtry's (BEAT) sale to Philips (PHG) and Preventice Solutions sale to Boston Scientific (BSX).The Insightia report also mentions that activists have taken notice of IRTC, including Artisan Partners, which has a 4.7% stake, and D.E. Shaw and Ancora, which each hold less than a 1% stake.Last month, IRTC plunged after Novitas publishes updated reimbursement

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iRhythm gains on vague speculation of potential activist interest