Why Lucira Health Stock Is Plunging Today
After rising sharply on Monday, shares of medical technology company Lucira Health (NASDAQ: LHDX) are going in the opposite direction on Tuesday. The company's stock dropped by as much as 22.6% today and was down by 18.5% as of 1:51 p.m. EDT. Lucira Health did not report any news today, but we can attribute its woes on the stock market to bearish commentary from a Wall Street analyst.
Bank of America analyst Derik de Bruin downgraded Lucira Health's stock to underperform from buy. The analyst also gave the stock a price target of $9. Shares of the company closed yesterday's trading session at $10.91. To understand the reasons behind de Bruin's lack of enthusiasm regarding Lucira Health's prospects, a little bit of context is needed. Yesterday, the company reported that the U.S. Food and Drug Administration (FDA) had granted an Emergency Use Authorization (EUA) to its Lucira Check It COVID-19 test kit for over-the-counter (OTC) sale.
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Source Fool.com
