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Why 23andMe Stock Crashed 10% Today

Shares of genetic data miner 23andMe Holding (NASDAQ: ME) had a good week last week, surging more than 13% in response to a positive second-quarter 2022 earnings report Thursday. Things got even worse today, when investors responded to a downgrade of 23andMe stock by a Citigroup analyst — by selling off the stock by 10.1% (as of 11:30 a.m. EST). In my own note on the company last week, I pointed out that sales growth at 23andMe was a weak 7% in Q2, down steeply from Q1’s 23% growth pace.

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