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Why Is LumiraDx (LMDX) Stock Down 35% Today?


  • LumiraDx (LMDX) stock is falling on Tuesday but only after a rally on Monday.
  • That rally sent shares up more than 200% after announcing an agreement with AstraZeneca (AZN).
  • The two companies are working together on a heart and lung screening facility in England. 
LMDX Stock - Why Is LumiraDx (LMDX) Stock Down 35% Today?

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LumiraDx (NASDAQ:LMDX) stock is falling on Tuesday as the point-of-care diagnostics company’s shares retreat from a rally on Monday.

Investors will note that LMDX stock underwent a 217% rally on Monday. That came about after the company announced a partnership with AstraZeneca (NASDAQ:AZN).

That partnership has LumiraDx working with AstraZeneca on a heart and lung screening hub in England. The facility is expected to open its doors sometime next month.

News of that partnership inspired heavy trading of LMDX stock, with some 277 million shares changing hands during normal trading hours on Monday. For the record, that’s a massive surge in trading volume compared to the company’s daily average of 272,000 shares.

LMDX Stock Movement on Tuesday

Considering the incredible rally shares of LMDX stock underwent on Monday, it makes sense that the stock would give up some of those gains today. However, it doesn’t look like investors have to worry about it losing all of the ground it gained yesterday.

As of this writing, shares of LMDX stock are down 34.5% on Tuesday morning. That comes with some 7 million shares changing hands. While that’s still above its daily average trading volume, it doesn’t seem likely it will match yesterday’s movement.

Investors who are seeking out even more of the most recent stock market stories for today are in the right place!

InvestorPlace offers up all of the hottest stock market news that traders need to know about on Tuesday! A few examples of that include why shares of Aerwins Technologies (NASDAQ:AWIN) and Ascent Solar Technologies (NASDAQ:ASTI) stock are up today, as well as a dive into the biggest pre-market stock movers this morning. All of that news is ready to go at the links below!

More Tuesday Stock Market News

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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.

Article printed from InvestorPlace Media, https://investorplace.com/2023/10/why-is-lumiradx-lmdx-stock-down-35-today/.

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