LHDX - Lucira extends losses after BofA downgrade on preliminary Q1 revenue

Lucira Health ([[LHDX]] -18.7%) has extended its pre-market losses even further to drop by double-digit percentage points in the late trading hours after Bank of America downgraded the stock to underperform from neutral.The company’s preliminary Q1 2021 revenue was far below their estimates, the analyst Derik de Bruin and the team noted handing the stock $9.00 per share implying ~17.5% downside to the previous close.While the management has highlighted the less-than-anticipated demand for the company’s point-of-care COVID-19 test by hospital systems, the analysts note that since the company’s IPO, the COVID-19 testing in the U.S. has declined due mainly to the vaccine rollout.The analysts also point to an uncertain commercial strategy by the company at time many larger rivals have intensified the competition in the sector.Noting that the company’s sales are ‘limited by production, not demand,’ Seeking Alpha contributor, Real Finance predicted a ‘massive’ sustainable demand for COVID-19 testing in

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Lucira extends losses after BofA downgrade on preliminary Q1 revenue