Oscar Health Shares Are Soaring: The Details

Oscar Health Inc OSCR shares are rising Tuesday after the company announced a CEO transition and reaffirmed guidance.

What To Know: Oscar has appointed Mark Bertolini as its new CEO, effective April 3. Co-founder Mario Schlosser is set to transition to president of technology where he will lead product and engineering and focus on building out the company's technology platform.

Bertolini serves as a Co-CEO of Bridgewater Associates and was previously the CEO of Aetna. He served as an advisor to Oscar Health for the last 18 months leading up to his appointment as chief executive. 

"By pairing my passion in tech with Mark's extensive expertise in building and scaling companies, we are well-positioned to continue to execute our strategy for profitability, set Oscar up for continued growth, and deliver enhanced value for our members and shareholders," Schlosser said.

Oscar also reaffirmed its outlook for 2023 and scheduled a conference call for Tuesday at 10 a.m. ET. The company is expected to report first-quarter financial results after the market close on May 9.

See Also: Why Viking Therapeutics Stock Is Soaring Tuesday

OSCR Price Action: Oscar has a 52-week high of $10.51 and a 52-week low of $2.05.

The stock was up 39.5% at $5.01 at time of publication, according to Benzinga Pro.

Photo: courtesy of Oscar Health.