WebMD Corp., Elmwood Park, NJ, recently announced it might use up to $50 million to buy back shares of its common stock from time to time beginning next week.
The company said the purchases would be made either in the open market or in private transactions. Spokeswoman Jennifer Meyer said the company was unlikely to comment on the reasons behind the move anytime soon.
WebMD has seen its stock plummet. Shares were hovering near $5 at press time. Its 52-week high was $36.62.
The online medical site last fall began focusing more heavily on providing business-to-business software for the healthcare industry. It made its name as a consumer content site following its inception in 1996.