SEER - Why Shares of Seer Are Slumping Wednesday
2023-08-09 15:12:09 ET
Shares of Seer (NASDAQ: SEER) were down more than 29% as of 2:45 p.m. Wednesday after the company reported second-quarter earnings after the markets closed on Tuesday. The stock is down more than 44% so far this year.
Seer is a life sciences company that sells platforms that speed proteomics, the large-scale study of proteins and genomics, the structure, function, evolution, mapping, and editing of genomes. Its products are useful for drug discovery for pharmaceutical companies and in academic settings.
On Tuesday, the healthcare company reported second-quarter revenue of $4 million, up 11% year over year. The company said the gain was due mainly to increased sales of its consumable kits connected to its Proteograph Product Suite. The company also said it had a net loss of $23.4 million, compared to a $22.8 million loss in the same period last year.
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Why Shares of Seer Are Slumping Wednesday