(Bloomberg) -- The analyst hush is set to break on Change Healthcare Inc. as shares fall back toward its below-range IPO price.
Shares in the health care software maker have traded up since their June 27 debut, the biggest IPO by a U.S. company since Chewy Inc., but they still haven’t breached the lower end of the offering’s $16-$19 price range. Change was logging its sixth consecutive day of declines on Friday, the final session before a flood of analyst initiations may be published.
More analysts could start coverage as soon as Monday, when a 25-day quiet period expires at banks that underwrote the IPO. That includes Barclays Capital, JPMorgan, Goldman Sachs, Citigroup, BofA, Morgan Stanley, Deutsche Bank, Credit Suisse, and RBC. The banks could advocate for a 40% upside to Friday’s stock price if they assign targets at $19, the top of the offering range they were marketing last month.
There’s one hold rating on the stock now from Spin-Off Research with a price target of $16.
The medical technology company was formed in 2016 with a merger of McKesson Corp.’s IT services business and Change Healthcare Holdings. McKesson announced after the debut that it intended to exit its investment. Blackstone Group Inc. holds a 20% stake as of June 27, according to data compiled by Bloomberg.
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