NVTA - Here's Why Genetic Testing Stocks Tumbled in September
A handful of genetic testing stocks rolled off all-time highs last month. Shares of NeoGenomics (NASDAQ: NEO) led the peer group by shedding 23.5% in September, according to data from S&P Global Market Intelligence. That was closely followed by a tumble of 20.6% for shares of Invitae (NYSE: NVTA) and a decline of 11.5% for Genomic Health (NASDAQ: GHDX).
There wasn't any major news for the group. It appears that last month's poor performance was simply a case of reduction of market valuations that were at or near all-time highs at the beginning of September. While a falling stock price isn't what shareholders want to see, each of the three companies is well positioned to grow into its premium valuation.
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