Veeva Systems stock falls after Citron makes short call, likens to pre-selloff Nvidia
Shares of Veeva Systems Inc. are down 5% in midday trading Tuesday after noted short seller Citron Research made a negative call on the stock, setting a price target of $65. The shares are currently trading near $94 and were trading as high as $100.16 earlier in the session. "Competition has arrived as multiple is at peak and short interest at low," Citron wrote in a tweet. "A market correction will hit [Veeva] harder than any other SaaS name." Veeva makes cloud-computing software for the health space. The Citron analysts likened Veeva's stock to Nvidia Corp.'s prior to a recent selloff that's shaved more than 40% off the chipmaker's market value over the past three months. Veeva's stock has dropped 9.3% over that time, though it's still up more than 70% so far this year, compared with a 1.7% rise for the S&P 500 in that time.
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