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Hackers affiliated with the ‘Blackcat’ ransomware gang were responsible for the ongoing outage at UnitedHealth Inc’s (NYSE:UNH) technology unit, causing significant disruptions to prescription deliveries for the past six days.
Last week, the health insurance and services company identified a suspected nation-state-associated cyber security threat actor that had gained access to some of the Change Healthcare information technology systems.
UnitedHealth Group has owned Change since it merged with healthcare services company Optum in 2022.
Also Read: UnitedHealth’s 2023 Profits Hit $22B, But Shares Slide On Higher Medical Costs.
Alphabet Inc’s (NASDAQ:GOOGL) (NASDAQ:GOOG) cybersecurity unit, Mandiant, is investigating the breach, Reuters noted, confirming its engagement in supporting the incident response.
Blackcat, also known as “ALPHV,” is infamous for targeting major businesses, including MGM Resorts International (NYSE:MGM) and Caesars Entertainment Inc (NASDAQ:CZR).
In December, a U.S.-led international law enforcement operation took down several Blackcat-related websites and confiscated digital keys to decrypt victims’ data.
The revelation that Blackcat was behind the Change Healthcare hack raises questions about UnitedHealth’s earlier assertion of being targeted by a “suspected nation-state associated cybersecurity threat actor.”
The full extent of the disruption remains unclear, but pharmacy chains such as CVS Health Inc (NYSE:CVS) and Walgreens Boots Alliance Inc (NASDAQ:WBA) have reported knock-on effects on their businesses.
The American Pharmacists Association (APhA) highlighted the inability of pharmacies nationwide to transmit insurance claims and process prescriptions due to the hack.
Equity research analysts on and off Wall Street typically use earnings growth and fundamental research as a form of valuation and forecasting. But many in trading turn to technical analysis as a way to form predictive models for share price trajectory.
Some investors look to trends to help forecast where they believe a stock could trade at a certain point in the future. Looking at UnitedHealth Group (NYSE:UNH), an investor could make an assessment about a stock's long term prospects using a moving average and trend line. If they believe a stock will remain above the moving average, which many believe is a bullish signal, they can extrapolate that trend into the future using a trend line. For UnitedHealth Group, the 200-day moving average sits at $508.76, according to Benzinga Pro, which is below the current price of $521.97. For more on charts and trend lines, see a description here.
Traders believe that when a stock is above its moving average, it is a generally bullish signal, and when it crosses below, it is a more negative signal. Investors could use trend lines to make an educated guess about where a stock could trade at a later date if conditions remain stable.
Price Action: UNH shares are down 0.69% at $521.69 on the last check Tuesday.
Image by Dall-E
