Athenahealth shares surged 18 p.c Thursday, after activist hedge fund supervisor Paul Singer of Elliott Associates disclosed a 9.2 p.c stake within the firm.

Singer stated “the securities of the corporate are considerably undervalued and signify a sexy funding alternative,” in keeping with an SEC submitting.

The submitting additionally stated Singer expects “there are quite a few operational and strategic alternatives to maximise shareholder worth and the holder might be in search of to interact in a dialogue with the corporate’s board concerning these issues.”

Singer and Elliott Associates could submit plans, which may embody in search of modifications in administration and a sale of the corporate or a few of its belongings.

The hedge fund has been an aggressive activist over time, typically concentrating on the corporate’s CEO in its marketing campaign.

Athenahealth, a supplier of on-line companies for docs and hospitals, was based by Jonathan Bush, its present CEO and president of the corporate.

Athenahealth shares are down greater than 18 p.c over the previous 12 months.

Neither Elliott Associates nor Athenahealth had been instantly obtainable for remark.

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