Here's Why Guardant Health Dropped Today
The roller coaster for Guardant Health (NASDAQ: GH) continues, with shares down 10.1% to $70.22 at 11:45 a.m. EDT today. Since closing at $84.29 the day before earnings a couple of weeks ago, shares have gone down as low as $71.52, as high as $87, back down to $73.15, and back up to $84.29 before falling over the last two trading days.
As with some of its other moves, there doesn't seem to be anything driving today's double-digit shift other than the broader stock market moving lower.
Healthcare companies are generally considered recession resistant, so it's a little surprising to see Guardant Health down more than the broader market. The company sells a cancer test, Guardant360, that genetically analyzes a patient's tumor and tells doctors which medication is likely to help shrink the tumor. Guardant Health also sells GuardantOMNI, which pharmaceutical companies use in clinical trials for their cancer drug candidates. Even if the COVID-19 coronavirus outbreak gets worse, people are still going to get cancer and need to figure out which treatments are required.
Source Fool.com
