Clover Health (CLOV), 3M (MMM) stocks draw attention on agreements

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Clover Health (CLOV), 3M (MMM) stocks draw attention on agreements

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 Clover Health (CLOV), 3M (MMM) stocks draw attention on agreements
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  • Clover Health Investments (NASDAQ: CLOV) announced partnership with Athenahealth, Inc. for offering support to healthcare providers.
  • 3M Company (NYSE: MMM) announced a limited patent license agreement with Luxshare Technology Co. to let it use 3M’s Twin Axial Cable technology.
  • Clover Health Investments stock fell 43.16% YTD, and 3M Company gained 7.20% YTD.

The stock of Clover Health Investments, Corp. (NASDAQ: CLOV) was down 13%, while the 3M Company (NYSE: MMM) share was up 1% on Wednesday morning as they remained investors’ top focus close on the heels of their key agreements.

CLOV stock was priced at US$9.37, down 13.25% at 10:51 am ET, while the MMM stock traded at US$187.74, up 1% at 10:51 am ET.

Clover Health Investments

Clover is a healthcare technology company headquartered in Franklin, Tennessee. It analyses data for better medical results, and to lower cost of treatment.

The company has a market capitalization of US$4.13 billion. The stock retreated on Wednesday after rising by 22% in the previous session.

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On Wednesday, Clover announced its partnership with athenahealth, Inc., a network-enabled, software company, for offering clinical decision support to healthcare providers.

Clover generated revenue of US$412.5 million and US$172.1 million for the June quarters of 2021 and 2021, respectively. The net loss was US$(317.6) million in the June quarter of 2021 compared to a net profit of US$5.4 million in the year-ago quarter.                                                                                

The stock fell by 43.16% YTD.

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Source – Pixabay

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3M Company

It is a healthcare company known for its research and development laboratory. It generates revenue from various industries, including transportation and industrials.

3M has a market capitalization of US$108.6 billion. It is headquartered in St. Paul, Minnesota. Its P/E ratio is 18.45, and the dividend yield is 3.05%.

On Wednesday, it made two announcements. First, a limited patent license agreement with Luxshare Technology Co., allowing it to use 3M’s Twin Axial Cable technology, and second, to donate school supplies for 17,000 pupils from low-income background.

The stock trading in green zone after these announcements.

The net sales for the June quarter of 2021 and 2020 were US$8.95 billion and US$7.18 billion, respectively. The net income for the same period in 2021 and 2020 were US$1.5 billion and US$1.3 billion, respectively.

The stock closed at US$185.58 on Sep 7. Its YTD gain is 7.20%.

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Overall, the healthcare sector has seen robust growth in recent times. The NYSE healthcare Index gave a 15.76% return YTD, while the NASDAQ biotechnology index gained 13.30% YTD. However, investors must study the companies comprehensively before making an investment decision.


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