Clover Health (CLOV)Hits Fresh Peak on Unexpected CMS Rating

Clover Health Investments Corp. (NASDAQ:CLOV) is one of the 10 Stocks Surviving Market Slaughter.

Clover Health extended its winning streak to a third straight day on Wednesday, to hit a new all-time high, as investors loaded portfolios after the company earned a rating upgrade from the Centers for Medicare and Medicaid Services (CMS).

In intra-day trading, the stock surged to its highest price of $5.14 before trimming gains to end the session just up by 13.99 percent at $4.89 apiece.

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In a regulatory filing, Clover Health Investments Corp. (NASDAQ:CLOV) announced that it received a 4.5 rating from CMS after it was ordered by a US court to recalculate its rating for the company.

It can be learned that Clover Health Investments Corp. (NASDAQ:CLOV) earlier sued the CMS and the US Department of Health and Human Services for its downgraded rating to 3.5 from what it deemed should be 4.0, saying that the agency calculated based on “improper use” of quality measures and methodologies.

The 3.5 rating, it said, would have slashed millions worth of quality bonuses and government reimbursements, as well as hurt its competitiveness and weaken future growth.

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