NEW YORK ( TheStreet) -- Shares of health care information company Athenahealth ( ATHN) are continuing a recent surge to 52-week high levels, and bucking the negative market sentiment on Wednesday.

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On Tuesday, Athenahealth -- already the most highly valued company in the health care information sector by a wide margin -- hit a 52-week high after surging 6%, and saw a large spike in trading, twice its average daily volume. While there was no news on Tuesday to support the 52-week high in Athenahealth shares, on Wednesday the company announced a deal with Summit Medical Group, a network of 230 providers, for its cloud-based health care revenue cycle management system.

Athenahealth shares were up another 4% on Wednesday to near the $49 mark -- shares hit an intraday 52-week high of $49.30 during Wednesday trading.

The big knock against Athenahealth -- other than its lack of brand awareness relative to the more established, and software-based, players in the health care IT market, such as Cerner ( CERN) and Allscripts Healthcare Solutions ( MDRX) -- has been its lack of big wins at the level of enterprise deals, or deals roughly defined as including between 150 to 500 providers.

At 230 providers (170 MDs), the Summit Medical deal is the type of pipeline success that Athenahealth needs to show investors, and which the Athenahealth bears have pointed to, among other reasons, for saying the company is overvalued.

It's been a rally period for the health care information companies, with Cerner, Allscripts and Athenahealth all up in the range of 10% to 15% over the past three months, and trading near or at 52-week high levels. There's been a general new spend into the health care sector that began in December and continued into January, as investors looked to bottom-fish among lower multiple stocks, yet Athenahealth in particular doesn't fit that thesis.

The Summit Medical deal is still at the lower-end of the enterprise market, but an enterprise win is an enterprise win, and in this case, it also represented Athenahealth displacing a contract previously held by Allscripts.

When Athenahealth had its big run-up on Tuesday, several health care analysts told TheStreet that it was likely a delayed reaction to meetings that the company management had with investors at last week's JPMorgan health care conference, during which Athenahealth management was reportedly evincing confidence in its pipeline and upcoming enterprise deals.

The Summit Medical announcement on Wednesday puts some fact behind the market chatter, however, it's still not going to convince all investors or analysts that Athenahealth shares deserve their current valuation.

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