5 IPOs that Flopped

3. Lucira Health, Inc. (NASDAQ:LHDX)

Number of Hedge Fund Holders: 6  

Share Price on September 21: $7.31

IPO Price: $17 per share

Lucira Health, Inc. (NASDAQ:LHDX) is a California-based firm medical technology company that makes and sells infectious diseases test kits. It is ranked third on our list of 10 IPOs that flopped. In early 2021, the firm went public, raising $153 million through an offering priced at $17 per share, above a proposed price of $16 per share. The stock has fallen more than 50% in value since the IPO. 

In May, investment advisory William Blair downgraded Lucira Health, Inc. (NASDAQ:LHDX) stock to Market Perform from Outperform without a price target. Brian Weinstein, an analyst at the advisory, issued the ratings update. 

At the end of the second quarter of 2021, 6 hedge funds in the database of Insider Monkey held stakes worth $6 million in Lucira Health, Inc. (NASDAQ:LHDX), down from 8 in the preceding quarter worth $12 million.