NXGN - Why NextGen Healthcare Stock Was Zooming Higher This Week
2023-09-08 08:49:07 ET
NextGen Healthcare (NASDAQ: NXGN) will soon cease to exist as a publicly traded stock, and the market said farewell by bidding up its price. The company is going private at a handsome premium, hence the increase. As of early Friday morning, week to date NextGen's soon-to-vanish shares were up 22% in value, per data compiled by S&P Global Market Intelligence .
NextGen, which as its name implies concentrates on current healthcare tech services such as cloud-based record keeping, is being bought out. The buyer is private equity firm Thoma Bravo, which is paying $23.95 per share for its asset-to-be in a deal valued at $1.6 billion . Following the buyout, NextGeneration's stock will cease to be traded on the exchange.
Rather quickly after that announcement, NextGen's share price rose sharply to nearly the price Thoma Bravo agreed to pay in the buyout.
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Why NextGen Healthcare Stock Was Zooming Higher This Week