ALHC - Why Alignment Healthcare Stock Raced Nearly 8% Higher This Week
2023-10-20 17:47:54 ET
Medicare Advantage insurer Alignment Healthcare (NASDAQ: ALHC) stock ensured gains for its stockholders over the trading week. The company's shares rose by almost 8% over the five trading days, according to data compiled by S&P Global Market Intelligence . The impetus behind this gravity-defying move was a deal the company agreed with a major pharmacy chain operator.
Alignment's partner in the arrangement is Walgreens Boots Alliance (NASDAQ: WBA) . Under the terms of the deal, the two companies will together offer $0-premium Medicare Advantage plans in select markets in four large states -- California, Texas, Florida, and Arizona. According to Alignment, the potential number of people eligible for such plans in those markets is roughly 1.6 million.
The insurer added that it and Walgreens will begin offering the plans on Jan. 1.
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Why Alignment Healthcare Stock Raced Nearly 8% Higher This Week