Health insurer Cigna's unit Evernorth Health said on Wednesday it will make changes to help lower out-of-pocket cost of prescription drugs for patients at its pharmacy stores. The changes will protect patients from paying a high list price for their medication by giving them access to lower prices negotiated by Cigna's pharmacy benefit manager,

Shares of Cigna Group slipped 6.70% to $282.98 Thursday, on what proved to be an all-around favorable trading session for the stock market, with the S&P 500 Index rising 0.53% to 6,071.17 and the Dow Jones Industrial Average rising 0.

It’s the latest step from pharmacy benefit managers to respond to relentless criticism from politicians and regulators over prescription drug costs.

Fresh off underperforming Wall Street’s expectations in the fourth quarter, Cigna said it would work to lower costs for its customers amid widespread discontent with the healthcare system.

Cigna Group shares fell sharply after the health insurer reported fourth-quarter profit that was dragged down by medical costs, a trend that’s concerned investors in the sector for months.

Cigna executives kicked off Thursday’s earnings call by responding to pharmacy benefit manager critics with a number of reforms.

People with Cigna health insurance who receive care at CRMC, Clovis Community and affiliated doctors could face disruptions.

Express Scripts aims to ensure that patients directly benefit from its negotiations with drug manufacturers. The new approach will protect patients from paying inflated list prices for medications, instead providing them with the lower prices negotiated by the PBM, according to a Jan. 29 news release from the company.

Evercore ISI raised the firm’s price target on CVS Health (CVS) to $65 from $60 and keeps an Outperform rating on the shares. Given 2025 will

Pharmacy benefit managers overcharged for specialty generic medications — in many cases by hundreds and thousands of percent — for billions in profits, according to a report from the Federal Trade Commission,

Shares of Cigna ( CI -8.00%) were dropping Thursday. The stock was down 8.4% as of 1:20 p.m. ET but had lost as much as 11.3% earlier in the day. The leg down comes as the S&P 500 gained 0.2% and the Nasdaq Composite lost 0.2%.

Cigna forecast annual profit below Wall Street expectations on Thursday and missed estimates for the fourth quarter, as high-cost claims in employer-sponsored plans drove up expenses in its backup insurance product.