LMDX - LumiraDx at a post-IPO low on expiry of lockup period - Evercore ISI

The shares of the diagnostic company LumiraDx (LMDX -22.7%) have recorded the biggest intraday loss Monday on above-average volume in a move Evercore ISI analyst Vijay Kumar attributed to the expiration of a six-month lock-up period. Compared to the 65-average of ~33.8K, about 586.6K company shares have changed hands so far to reach a post-IPO low. U.K.-based LumiraDx (NASDAQ:LMDX) made its public debut last September through a SPAC merger with CA Healthcare Acquisition Corp. Tying the drop to the lock-up expiry, Kumar noted that there was no fundamental reason for the 30% decline, which, according to him, seemed “exaggerated.” The analyst, who has an $8 per share target and an Outperform rating on LumiraDx (LMDX), thinks that the traded shares implied the sales by early company employees who had an exercise floor of about $5 per apiece. LumiraDx (LMDX) has modestly recovered from a session low in the morning hours.

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LumiraDx at a post-IPO low on expiry of lockup period - Evercore ISI