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Cano Health gains amid 8.7 million block trade

  • Cano Health (NYSE:CANO) rose 1.5% amid an 8.67 million share block trade.
  • The Cano (CANO) block trade occurred earlier Tuesday at $1.68/share.
  • The block trade comes as Cano Health (CANO) has been a takeover target for months after a report that CVS Health (CVS) was in talks to acquire the primary care provider and after other M&A in the sector.
  • Cano Health shares (CANO) have plunged almost 80% since mid-October after a report that talks with CVS had ended.
  • CVS (CVS) management said on the company's Q3 earnings call earlier this month that the company is continuing to look at possible M&A in the primary care space, though at the company's current valuation, M&A deals are likely less accretive than share repurchase.