Lucira Health (NASDAQ:LHDX) stock is falling on Friday after the company’s shares have seen extreme volatility throughout the week.
That includes a massive rally earlier this week that saw the company’s shares gain as much as 871% since its closing price on Friday. However, the company’s stock has been falling in the following days.
This comes as shares of LHDX stock retreat from that massive rally. For example, shares of the stock saw a 29.1% decline on Thursday as the stock settled after its recent rise. That continues today, with shares dropping 14.3% as of Friday morning.
When it comes to trading volume, LHDX stock has around 3 million shares changing hands as of this writing. That’s a far way off from the company’s daily average trading volume of about 20.1 million shares.
What Was Behind the LHDX Stock Rally?
Shares of Lucira Health stock rocketed higher thanks to news from the Food and Drug Administration (FDA). The agency approved the company’s at-home Covid-19 and flu test kits. This breathed new life into the stock as it came shortly after the company had filed for bankruptcy.
It’s worth keeping in mind that some companies that file for bankruptcy see their shares drop on the news. Considering the bankruptcy filing and FDA news combined, it’s not too surprising that LHDX stock saw a massive spike in price. Now, traders just have to wait and see if it will give up all of its recent gains, or hold onto some of its new value.
Investors searching for more of the latest stock market news are in luck!
We’ve got all of the latest stock market news traders need to know about on Friday! That includes what has shares of Veru (NASDAQ:VERU), Hub Cyber Security (NASDAQ:HUBC), and ObsEva (NASDAQ:OBSV) stock moving today. You can find all that news at the following links!
More Friday Stock Market News
- Why Is Veru (VERU) Stock Down 37% Today?
- Why Is Hub Cyber Security (HUBC) Stock Up 62% Today?
- Why Is ObsEva (OBSV) Stock Up 93% Today?
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.