ME - Why 23andMe Stock Tumbled 10% on Tuesday
2024-06-04 12:48:12 ET
Genetic database builder 23andMe (NASDAQ: ME) stock slid 10% through 12:05 p.m. ET Tuesday. Curiously, though, the news that 23andMe reported today seemed generally of the "good" variety. The company announced a collaboration with the nonprofit Colorectal Cancer Alliance "to help advance research on colorectal cancer in the Black/African American community."
Now, why might investors consider this bad news for 23andMe stock?
Let's start with the obvious: 23andMe is partnering with a non-profit organization, on a project that will have it sign up individuals "to help fill in the gap ... [in] research on colorectal cancer in the Black community." Presumably, the individuals recruited will all get genetic tests with 23andMe, but they will receive "the option to access health reports through a 23andMe+ Premium membership at no cost."
For further details see:
Why 23andMe Stock Tumbled 10% on Tuesday