Shares of Community Health Systems (NYSE:CYH) ended Tuesday session in red amid volatile trading. The shares closed down -0.16 points or -1.41% at $11.16 with 3.75 million shares getting traded. Post opening the session at $11.33, the shares hit an intraday low of $11.00 and an intraday high of $11.60 and the price vacillated in this range throughout the day. The company has a market cap of $1.24 billion and the numbers of outstanding shares have been calculated to be 113.64 million shares.
Community Health Systems (CYH) announced that subsidiaries of the Company have signed a definitive agreement for the sale of four hospitals and their associated assets to subsidiaries of Curae Health, Inc. Facilities included in the transaction are 95-bed Merit Health Gilmore Memorial in Amory, Miss., 112-bed Merit Health Batesville in Batesville, Miss., 181-bed Merit Health Northwest Mississippi in Clarksdale, Miss. and 126-bed Highlands Regional Medical Center in Sebring, Fla.
The Company has previously announced plans to reduce and refine its overall portfolio with proceeds being used to pay down debt.
“We are highly invested in the success of our affiliated hospitals, and we are considering how to best position them for the future,” said Wayne T. Smith, chairman and chief executive officer of Community Health Systems, Inc. “These four hospitals provide quality care and are important in each of their communities. They will benefit from alignment with a smaller organization specializing in the operation of rural hospitals. Divestiture of these assets advances our strategy to focus on a portfolio of larger hospitals and regional healthcare systems.”
Medivation Inc (MDVN) announced that new data from Company-sponsored and investigator-initiated clinical trials will be presented at the European Society for Medical Oncology (ESMO) 2016 Congress, being held October 7-11, in Copenhagen. Presentations include a pilot study of the company’s investigational PARP inhibitor talazoparib in patients with BRCA-mutated breast cancer, and analyses of enzalutamide in the advanced prostate cancer setting, representing research advances in serious diseases for which there are limited options.
“We are excited to share data highlighting the clinical impact and potency of our potential best-in-class PARP inhibitor, talazoparib,” said David Hung, M.D., founder, president and CEO of Medivation. “In addition, the breadth of enzalutamide data presentations shows our commitment to fully investigating its utility in patients with advanced prostate cancer.”