Cooper Cos. shares advanced on a report that activist investor Jana Partners wants the company to consider a sale and change its leadership.

The stock rose 3%, to $55.27, in after-hours trading Thursday. Through the close, shares were down 34% this year.

Jana Partners plans to push the contact-lens maker to replace its chief executive and weigh selling its core business, The Wall Street Journal reported.

The investor said the changes are needed to address chronic underperformance and inability to manage spending.

Jana has been building its stake in Cooper for roughly a year. It previously suggested Cooper consider strategic alternatives, including a potential deal to combine with rival Bausch + Lomb.

Earlier this month, Cooper reduced its annual outlook after shrinking its contact-lens inventory as part of a strategic review. The inventory reduction weighed on third-quarter results and is expected to create challenges in the current fourth quarter.

Sales in the most recent third quarter were below Wall Street estimates, with disappointing results in Cooper's contact lens business CooperVision.