Shares of 23andMe sank 21% on Thursday, a day after the genetic testing company reported dismal fiscal third-quarter results and discussed splitting itself in two to help juice its stock price.
23andMe reported revenue of $45 million for the quarter, down from the $67 million it reported in the same period last year.
The five-time CNBC Disruptor 50 company went public in 2021 via a merger with a special purpose acquisition company, a deal that valued the company at around $3.5 billion.
The company has launched additional therapeutics and research businesses, but its share price has tumbled more than 95% from its peak.
They lowered their target price for the stock to 85 cents from 90 cents.
Persons:
23andMe, Anne Wojcicki, Sergey Brin, Forbes, Joe Selsavage, Selsavage
Organizations:
TechCrunch, 23andMe, Nasdaq, U.S . Securities, Exchange Commission, CNBC Disruptor, Citi, CNBC PRO
Locations:
San Francisco , California, 23andMe