Shares of health diagnostics outfit Guardant Health (NASDAQ: GH) are lower by 5.7% as of 3:38 p.m. ET Wednesday, renewing and extending a sell-off that first took shape in February of last year. The continued weakness is ultimately the result of selling after Guardant stock got ahead of itself in the wake of 2020's COVID-19 pandemic onset.
Don't look for a specific catalyst behind today's tumble. You won't find one. Rather, Wednesday's weakness simply extends what's now become more than a 50% pullback that puts Guardant Health shares back within reach of new 52-week lows brushed earlier this month. On the other hand, the stock's 200% run-up from its early 2020 low to last year's peak left it vulnerable to this recent selling.
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Why Guardant Health Fell More Than 5% Today