Athenahealth surged 18 percent Thursday, after activist hedge fund manager Paul Singer of Elliott Associates disclosed a 9.2 percent stake in the company.

Singer said “the securities of the company are significantly undervalued and represent an attractive investment opportunity,” according to an SEC filing.

The filing also said Singer expects “there are numerous operational and strategic opportunities to maximize shareholder value and the holder will be seeking to engage in a dialogue with the company’s board regarding these matters.”

Singer and Elliott Associates may submit plans, which could include seeking changes in management and a sale of the company or some of its assets.

The hedge fund has been an aggressive activist over the years, often targeting the company’s CEO in its campaign.

Athenahealth, a provider of online services for doctors and hospitals, was founded by Jonathan Bush, its current CEO and president of the company.

Athenahealth shares are down more than 18 percent over the past year.

Neither Elliott Associates nor Athenahealth were immediately available for comment.

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