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Athenahealth CEO Bush Defends Shares After Einhorn Comments

Athenahealth Inc. Chief Executive Officer Jonathan Bush said the company’s shares are set to rise as the provider of Internet-based services for physician practices grabs more market share.

“People who dream of a health-care cloud” are the people who should invest in Athenahealth, Bush said in an interview today with Stephanie Ruhle and Erik Schatzker on Bloomberg TV. Athenahealth plans to continue investing in research and development even if it weighs on the bottom line, the CEO said.

Bush dismissed hedge fund manager David Einhorn’s comments earlier this week that the company’s stock was too high, saying he didn’t know how Einhorn developed his evaluation. Einhorn, co-founder of Greenlight Capital Inc., said May 5 that Athenahealth shares could decline as much as much as 80 percent because the stock “is simply at the wrong price.”

“I don’t know what we’re worth,” Bush said. “I know we’re worth $1,000 a share at some point in the future.”

Athenahealth fell less than 1 percent to $106.84. The shares of the Watertown, Massachusetts-based company slumped 14 percent the day after Einhorn made his comments.

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