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Molina Healthcare Inc. (MOH) Dropped To A 3-Month Low On Medicaid News

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Molina Healthcare Inc. (MOH: Quote) announced in an SEC filing on Friday that the Ohio Department of Jobs and Family Services notified Molina Healthcare of Ohio Inc. that it had not been selected to participate under the recently issued Ohio Medicaid Managed Care Plan Request for Applications. As a result, its existing contract with the state will expire without renewal on December 31, 2012.

Molina Healthcare gapped open dramatically lower Monday and drifted further during the final 2 hours of the afternoon. Shares finished down by 9.36 at $25.65 on the highest volume of the year. The stock plunged to a 3-month low and fell below its 50-day moving average.

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by RTT Staff Writer

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