Is 23andMe a Buy at $11?
Freshly listed on the NASDAQ following a business combination with VG Acquisition Corp, a special purpose acquisition company (SPAC), the consumer genetic-testing maven 23andMe (NASDAQ: ME) is at the very start of its growth story. Since trading as a combined entity commenced on June 17, the stock's price has fallen from its high of around $13.30 to its current level near $11.85. Now that the froth is subsiding, investors are wondering at what price it will make sense to buy the stock to start a position for a long-term hold.
In my view, this stock's growth story justifies its current price, but you'll need to hold onto it for a few years before seeing returns skyrocket. Let's explore why.
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Source Fool.com
