Pro Medicus Ltd (ASX: PME) saw its stock price plummet by 5.86% on Friday, as part of a broader selloff in growth and technology stocks. The sharp decline comes amidst a challenging period for growth investors, with many high-flying names shedding 10% to 30% of their value in recent weeks.
The selloff appears to be part of a market correction affecting quality growth stocks across various sectors. Investment experts emphasize the importance of staying focused on company fundamentals during such volatile periods. Adam Dawes, Senior Investment Adviser at Shaw & Partners, noted that if the long-term story for a company hasn't changed, the current move may just be market noise.
Despite the significant drop, some investors see this as a potential buying opportunity. Dawes mentioned taking advantage of weakness in Pro Medicus, stating, "longer term, the global imaging opportunity remains intact." This suggests that while the stock is facing short-term pressure, its underlying business prospects may still be strong, potentially offering a chance for investors to reassess their positions in the company.
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