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Stock Alert: Evolent Health Shares Fall 26%

Evolent Health, Inc. (EVH) shares are falling on Monday morning trade as its partner Passport Health Plan was expelled from the Kentucky Managed Care Organization Medicaid contract starting from January 2021. The shares are currently at $6.53, down 26.41 percent from its previous close of $8.88. EVH gapped down at open and is currently trading at a volume of 3,682,956, much higher than its average volume of 1,215,249.

The clinical and administrative solution providers' shares fell sharply on Friday on the announcement. The shares of Evolent was on a positive trend since mid-March.

The Louisville, KY-based health plan has been serving more than 300,000 Medicaid beneficiaries. Passport is currently co-owned by Evolent and local Kentucky-based providers, including the University of Louisville, Norton Healthcare, and other provider groups.

Evolent said it will continue to provide services to Passport until the new Medicaid contracts take effect on January 1, 2021.

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