ST. LOUIS 鈥 Centene Corp. stock dropped sharply Wednesday after the Clayton-based company predicted it would make less money through 鈥淥bamacare鈥 health insurance plans than originally anticipated.
After its stock price closed at $56.65 on Tuesday, Centene announced that afternoon it was scrapping its 2025 guidance, triggering an after-hours sell off.
Centene () closed Wednesday at $33.78 鈥 a 40% drop from Tuesday and the stock鈥檚 largest ever one-day decline.
The managed care company said it expects $1.8 billion less in revenue through the Affordable Care Act than previously anticipated.
That followed an analysis showing lower growth and higher risk in 22 of the 29 states Centene serves through individual health insurance marketplace plans that are part of the Affordable Care Act known as 鈥淥bamacare.鈥
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Centene Corp. is No. 23 on the Fortune 500 list.
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