Shares of Ardent Health Partners (ARDT) soared 5.56% in Tuesday's pre-market trading session, following the company's announcement of a $50 million share repurchase program and a positive analyst rating.

The hospital operator revealed that its board of directors has authorized a share buyback program for up to $50 million. Ardent Health stated that the program would be funded from existing cash resources, which stood at $609 million as of the end of the third quarter. This move comes as a welcome development for investors, especially after the company's stock hit a record low on Monday and has been down 51.5% year-to-date.

Adding to the positive sentiment, Guggenheim maintained its Buy rating on Ardent Health, signaling confidence in the company's prospects despite recent challenges. The buyback program and analyst support appear to be boosting investor confidence, driving the stock's significant pre-market gain. This upturn comes as a relief for Ardent Health, which had recently reported a surprise quarterly loss that had sent its shares down 32% last week.