LULU, LCID, ALT Stocks Hit 52-Week Lows Today: What's Driving The Selloff?

• Lululemon shares dropped after the company announced a new CEO who will take over in September. 
• Lucid investors were concerned about financial stability, despite new funding and a change in CEO.
•  Altimmune shares fell after a $225 million stock offering to fund its Phase 3 MASH trial. 

Lululemon Athletica Inc. (LULU), Lucid Group Inc. (LCID), and Altimmune Inc. (ALT) tumbled to fresh lows on Thursday, reflecting growing skepticism toward once-favored growth narratives.

The drop was driven by concerns over leadership uncertainty, financial strain and strategic direction. While Lululemon and Altimmune stock plummeted 13% and 16%, respectively,  Lucid tumbled over 9%. 

LULU Faces Leadership Concerns

Shares of Lululemon fell sharply after the company named a new CEO, set to take over in September. Investors reacted negatively to the delayed transition, particularly as North American sales showed signs of weakness. 

The leadership gap created uncertainty, prompting some shareholders to exit their positions rather than wait for a turnaround. The extended handover timeline has unsettled investors, who worry results could stay subdued until a new strategy takes shape. Many anticipate a quiet period before O’Neill steps in, with few major moves expected from interim co-CEOs Meghan Frank and André Maestrini. 

However, famed investor Michael Burry said he is holding his position in Lululemon and may buy more, noting it accounts for about 3.7% of his portfolio. 

Lucid Struggles With Cash Burn

Lucid’s stock hit record lows as investors focused on its financial health. Despite securing additional funding and appointing a new chief executive, concerns about ongoing losses and high production costs overshadowed optimism. 

Uber Technologies Inc. (UBER) earlier this week revealed it now owns roughly 37.75 million Lucid Class A shares, representing an 11.52% ownership position through a subsidiary. The filing confirms that Uber crossed the 10% threshold earlier this month, following a transaction completed on April 14, signaling deeper involvement between the two companies.

ALT Hit By Dilution Fears

Altimmune also saw steep losses after announcing a large stock offering to fund clinical trials. The biotechnology firm, which is advancing its experimental treatment pemvidutide for metabolic dysfunction-associated steatohepatitis (MASH), announced details of its underwritten public offering on Thursday. 

Altimmune said the offering includes more than 64 million common shares, each paired with a warrant, priced at $3. The company expects to raise approximately $225 million in gross proceeds before expenses. Altimmune said it will direct the net funds toward its upcoming Phase 3 study in MASH.

What Are Retail Traders Saying? 

A Stocktwits user said about Lucid, “Just the severe beating down is enough motivation for me to buy this stock at this price. I’m assuming just the parts and tech are worth more than the current market cap.” 

Commenting on Lululemon, another user said, “This company should just be sold if they can’t manage it better than this.”

So far this year, LCID and LULU stocks have tanked by 40% and 31%, respectively, while ALT stock has sunk by 19%. 

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