Why 23andMe Stock Dropped 29% in November
Shares of 23andMe (NASDAQ: ME) dropped 29.1% in November, according to data from S&P Global Market Intelligence. The DNA testing and therapeutics company reported a disappointing quarterly report and likely fell victim to the sell-off in high-growth names last month.
On Nov. 10, 23andMe reported its earnings for the second quarter, which ended in September. Revenue only grew 7% year over year in the period, a big slowdown from the 23% growth it reported a quarter prior. With the stock trading at a price-to-sales (P/S) ratio well north of 10 at the time of the report, this slowdown in growth likely gave investors pause on the long-term trajectory of 23andMe's business.
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Source Fool.com
