The health insurance giant has called a new report from WSJ "misinformation," but investors may not be so sure. Shares were down about 9% early Friday.

In this post-shooting and DOGE-era, regulators may be emboldened to make more changes than they otherwise would have on insurers that are seen to be fleecing the system,” explained one analyst.

The U.S. Justice Department is investigating UnitedHealth's Medicare billing practices, the Wall Street Journal reported on Friday, while the health insurer said it was unaware of any new probe underway.