Third Point Sells Cano Stake as Medical Provider’s Cash Dwindles
- Some of Cano’s larger creditors are looking to band together
- Cano’s earnings missed expectations, led to raft of downgrades
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Daniel Loeb’s Third Point sold its remaining stake in Cano Health Inc. amid mounting concerns around the healthcare provider’s liquidity, according to people with knowledge of the situation.
Third Point sold out of Cano through a block trade last week, said the people, who asked not to be identified because the matter is private. The New York-based hedge fund had disclosed a 3.5% position in October, down from 6.4% in March, public filings show.