The stock's gain followed Evolent's third-quarter results and an announcement that the company has agreed to provide services to Maryland Physicians Care MCO.
Evolent announced revenue of $220.1 million, up 46.8% year over year. The company's non-GAAP (adjusted) loss per share for the period was $0.09 -- wider than a $0.04 loss in the same period last year.
Evolent also announced a new partnership with Maryland Physicians Care MCO that will support Medicaid operations for more than 200,000 beneficiaries.
Particularly encouraging were CEO Frank Williams' comments on recent new partners and the company's outlook. "With seven new partners, as well as a strong pipeline and renewal environment, we have a high level of visibility for top-line growth and margin expansion as we head into 2020," said Williams in the company's third-quarter earnings release.