Centene on track for worst day ever after pulling 2025 forecast

Shares of health insurer Centene CNC.N slump as much as 40% to over 8-year low of $33.97

Stock set for its worst day on record if losses hold

Co withdraws its 2025 earnings forecast; it had previously forecast 2025 adjusted earnings per share of more than $7.25

Change comes after new industry data showed a significant drop in expected revenue from its marketplace health insurance plans

Co to report its quarterly results on July 25

Brokerages including BofA Global Research, UBS and J.P.Morgan cut stock rating to "neutral" from "buy"

"With the withdrawal of guidance and the company’s need to re-price for market morbidity, this suggests to us that CNC will see a larger than anticipated decline in the Exchange business", UBS says

Adds, "on Medicaid, the recovery of margins continues to prove elusive"

Atleast six brokerages cut PT on stock

Including session's move, CNC has fallen 43.3% YTD