Cancer test maker Grail falls after Ningi Research's short position

Shares of cancer diagnostic maker Grail GRAL.O falls 3% to $37.16

Ningi Research says it is short on Grail's position citing co's "overly ambitious approach" to cancer screening that has created "insurmountable regulatory roadblocks"

"We believe Grail's cancer detection test is backed by data that is just enough to create investor hype, but far too weak to convince experts, regulators, or insurers of its clinical utility," says Ningi in its report

Ningi says co's actual sales have "massively underperformed projections"

GRAL stock up more than double YTD