Adeptus Health Inc (NYSE:ADPT) shares more than doubled on Wednesday after entities associated with Wexford Capital disclosed a 1.4 million share position, or around 8.4% stake, in the freestanding emergency room operator. Given that Wexford has substantial experience in distressed securities, some in the market evidently think there might be value in Adeptus if management can turn around the company’s fundamentals. Given that sentiment surrounding Adeptus Health Inc (NYSE:ADPT) has been very negative and around 72% of the company’s float is short, a short squeeze also likely played a major part in Wednesday’s surge. Whether or not Adeptus Health can deliver value in the long term for shareholders is anyone’s guess, however.
What Does The Smart Money Sentiment Say?
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In terms of aggregate smart money data, 12 top funds owned shares of Adeptus Health Inc (NYSE:ADPT) at the end of December, down just one from the previous quarter. Those numbers are out of the 742 smart money funds that Insider Monkey tracks.
The Bottom Line
Adeptus Health Inc (NYSE:ADPT) shares more than doubled due to the news that Wexford Capital initiated a 1.4 million position in the company. For more reading, check out ‘11 Richest Doctors In The World‘.