On June 8, Oscar Health rose 5.79% in regular trading, trading at $26.23/share, with trading volume of $62.39 million. The stock continued its upward momentum driven by Wells Fargo's recent rating upgrade and robust quarterly results.

Wells Fargo upgraded Oscar Health from Underperform to Equal Weight, raising its price target from $11 to $20. Analyst Stephen Baxter cited growing confidence in the Affordable Care Act marketplace, noting that enrollment figures and medical cost outcomes have exceeded expectations. In Florida, which accounts for approximately 63.9% of the company's premium revenue, the medical loss ratio improved by 370 basis points year-over-year despite a 13.5% decline in membership.

The upgrade also coincided with exceptionally strong Q1 results: total revenue reached $4.65 billion, up 53% year-over-year, while net income of $679 million translated to EPS of $2.07, nearly doubling the consensus estimate of $1.10. Membership grew 56% to 3.2 million. The rating change effectively offset earlier negative sentiment caused by CTO and co-founder Mario Schlosser's transition to an advisory role.

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