Shares of Tenet Healthcare (THC) are on the rise after it was disclosed that another activist has taken a stake in the hospital operator. On Friday, the hospital chain had announced that its largest shareholder, Glenview Capital Management, had given up two board seats, setting up a fight for control of the board and the company.

NEW ACTIVIST INVOLVED: Earlier today, it was announced in a 13G filing that hedge fund Camber Capital had purchased 5.7M shares, or a 5.7% stake, in the hospital chain. This comes only days after representatives of Glenview Capital Management, who owns an 18% stake in Tenet, resigned two board seats. In a regulatory filing on Friday, the company said Randy Simpson and Matt Ripperger had resigned from the board "due to irreconcilable differences regarding significant matters impacting Tenet and its stakeholders." Simpson and Ripperger further said they had decided "the most effective way forward to promote strong patient satisfaction and long-term value creation for Tenet is to step off this board."

WHAT'S NOTABLE: In a research note to investors following Glenview's move, Leerink analyst Ana Gupte raised her price target for Tenet to $30 from $23 in anticipation of activist restructuring and said she sees further upside to as much as $50 as the process works itself through. The analyst noted that she believes the announcement by Glenview, in combination with the company's 8-K filing, is an indication that Glenview is moving to an aggressive activist role to unlock value. Gupte reiterated an Outperform rating on the shares.

PRICE ACTION: In afternoon trading, shares of Tenet have jumped almost 15% to $16.61.