New York, Feb 11, 2026, 14:42 (EST) — Regular session
Elevance Health shares rose 1.5% to $330.68 by early afternoon on Wednesday, after sliding to an intraday low of $322.01 as traders weighed fresh political heat on the Affordable Care Act market. Volume was about 0.67 million shares.
Why it matters now is simple: the ACA exchanges sit at the intersection of policy and claims costs, and insurers are already trying to pin down 2026 enrollment and pricing assumptions. Any new compliance burden or shift in who signs up can show up quickly in margins.
The move came with a mild tailwind from the sector. The Health Care Select Sector SPDR fund was up about 0.5%, while the S&P 500 ETF edged up and the Dow ETF was little changed.
House Judiciary Committee Chair Jim Jordan issued subpoenas on Monday to Elevance and seven other insurers, Axios reported, seeking records tied to premium subsidies and potential subsidy-related fraud. The requests cover items such as subsidized enrollee counts, funds received and related communications and audits; the underlying subsidies — known as advance premium tax credits — are federal payments routed to insurers to lower customers’ monthly premiums. An AHIP spokesperson said health plans have supported “strong program integrity measures,” Axios reported. (Axios)
The committee cited a Government Accountability Office review that found billions of dollars in unreconciled Obamacare subsidies each year, Reuters reported. CVS said it received the letter and is cooperating, while Centene said it was providing information; Blue Shield of California said it had data showing no evidence of “phantom enrollees,” the report said. (Reuters)
Other managed-care names were mostly higher on the day: UnitedHealth rose 2.2%, Cigna gained 1.7%, Centene added 2.1% and CVS was up 0.8%, while Humana fell about 1.9%.
Elevance has been trying to reframe the story since late January, when it reported fourth-quarter operating revenue of $49.3 billion and set 2026 adjusted diluted EPS at “at least $25.50.” CEO Gail Boudreaux said the company remained confident it can return to at least 12% adjusted EPS growth in 2027. (Elevancehealth)
Analysts have been more cautious. Morningstar’s Julie Utterbeck called a prior bounce “a relief rally from the big sell-off,” while Leerink’s Whit Mayo wrote: “Guidance reflects continued pressure in Medicaid.” (Reuters)
RBC Capital Markets, which cut Elevance to Sector Perform from Outperform earlier this month, said a softer 2026 outlook and lower margin targets left the stock closer to fair value, and lowered its price target to $358 from $392. (Investing)
A recent annual filing also underscored how exposed large insurers are to government-driven programs: Elevance’s 2025 10-K outlined that about 32% of consolidated revenue came from U.S. government agencies. (Stock Titan)
But the policy fight has a habit of moving fast. A tougher verification push, or a widening inquiry into broker activity and enrollments, could lift administrative costs or reduce membership at a time when claim costs are still a market worry. Investors also track the medical loss ratio — the share of premiums spent on medical care — because a higher ratio squeezes profits.
The next marker is Feb. 23, when insurers are due to respond to the subpoenas, Healthcare Dive reported. Traders will watch for signs the probe expands — and whether Washington’s next moves change the math for ACA enrollment and costs heading into the next pricing cycle. (Healthcaredive)
