We recently published a list of 10 Stocks Crash Harder Than Wall Street. In this article, we are going to take a look at where Tempus AI, Inc. (NASDAQ:TEM) stands against other worst-performing stocks.
Tempus AI nosedived by 19.23 percent on Wednesday to close at $53.20 apiece following a short-seller report’s negative comments and concerns about the company.
In a statement, investment firm Spruce Point Capital Management, which is a known short-seller of Tempus AI, Inc., outlined its concerns, saying that the company’s management and board members “have a history of promoting disruptive technology companies which have frequently resulted in financial restatements and shareholder losses.”
A scientist inspecting the growth of cells, in the process of drug discovery.
It also expressed concerns about Tempus AI, Inc.’s artificial intelligence capabilities, given minimal revenues and product demonstrations, which it said appear to show irreconcilable inputs.
“[We] believe and estimate that shares of Tempus AI, Inc. … face up to 50 percent- 60 percent potential downside risk, or $26.35 – $32.95 per share,” it said.
Tempus AI has yet to issue a comment about the allegations.
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This article is originally published at Insider Monkey.
