2 Healthcare Stocks Sinking Today

Cano Health stock could be cooked soon

Managing Editor
Aug 11, 2023 at 11:22 AM
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Wall Street is asleep at the wheel today, with the producer price index (PPI) barely making a dent, and no big earnings reports to unpack. Nevertheless, if you look hard enough, there are some stocks on the move today, including satellite stock Telesat Corp (NASDAQ:TSAT), healthcare provider Cano Health Inc (NYSE:CANO), and real estate investment trust (REIT) Medical Properties Trust Inc (NYSE:MPW)

Telesat Satellite Moves Forward

TSAT is up 41% to trade at $11.94 at last check, one of the best stocks on the Nasdaq this morning. As part of the Canadian telecom giant's earnings report, Telesat named MDA Ltd as the prime satellite manufacturer of its advanced Lightspeed Low Earth Orbit constellation. The move is in lieu of French-Italian manufacturer Thales, saving Telesat $2 billion in capital cost savings. The stock is trading at its highest level since August 2022, and is now up 69% year-to-date.

CANO Circles the Drain

Cano Health stock is down 63% to trade at $0.56, earlier trading at a new record low of $0.50. The company disclosed liquidity concerns that are hindering operating, investing and financing uses. Cano's ability to function going forward is being questioned. Even prior to today's collapse, CANO hadn't traded above $2 since December 2022, a far cry from the shares' all-time high of $17.43 in December 2021. 

Analyst Turns *Really* Sour on MPW

Medical REIT MPW is down 5.7% to trade at $7.67, after Raymond James issued a triple downgrade -- not a typo -- cutting its rating to "underperform" from "strong buy." The analyst in coverage noted the Trusts' management will spend years rebuilding investor confidence due to the lost of capital, citing questions about "management communication, credibility, disclosure transparency, operator health, corporate governance, leverage, and dividend sustainability."

MPW is down 31% in 2023 now, heading for its lowest close since May. The shares were rejected by their 200-day moving average in late July and could see more downgrades in the future, with six of the 11 analysts in coverage maintaining "buy" or better ratings. 

 

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