Stock Watch: Allscripts Soars to New High

Shares of Allscripts (Nasdaq: MDRX), which provides online medication management and distribution solutions for physicians, broke out on Friday, soaring 10-3/16 to an all-time closing high of 57-9/16. Allscripts was among a handful of health-related Internet companies that saw big gains on Friday, with Healtheon/WebMD (Nasdaq: HLTH) climbing 8-15/16 to 59-9/16, DrKoop.com (Nasdaq: KOOP) gaining 2-1/16 to 14-15/16 and PlanetRx.com (Nasdaq: PLRX) climbing 1-1/8 to 18-1/4. Rumors spread on Friday about Healtheon/WebMD being a takeover target.

On Thursday, Allscripts and PlanetRx.com announced a multi-year agreement that will enable physicians who use Allscripts’ services to create and route prescriptions directly from exam rooms to PlanetRx.com. Friday’s performance was part of a nice turnaround for Allscripts’ stock. The company went public at $16 a share last year, and the stock has traded as low as 10-3/4.

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