Athenahealth may suffer now that Elliott is reportedly backing off from its bid.

Ruh-roh.

On Monday, Sept. 18, The New York Post reported that Elliott Management, Paul Singer's hedge fund, is backing away from its $160-per-share bid for Athenahealth (ATHN) .

RBC analyst George Hill wrote, "absent the bid, we suspect Athenahealth shares could fall back to the $110-$120 range where they traded prior to the activist bid."

On Tuesday, Athenahealth was down 5% to around $135 a share in morning trading.

The bid for a total sum of $6.9 billion was first made in May. The Post reported that Elliott while backing away from the initial bid, may be interested in lowering the price. 

Athena's deadline for bidding is now Sept. 27, which is 10 days longer than the company originally offered. 

Elliott has taken an activist role in Athenahealth, forcing CEO Jonathan Bush out in June. 

In the past three months, shares of Athenahealth have dropped around 10%.