Chipotle is getting smoked.
After another E. coli outbreak was linked to Chipotle restaurants in three new states including Kansas, Oklahoma, and North Dakota on Monday, shares of the fast food chain were down more than 4% in early trading on Tuesday.
Shares of Chipotle were trading below $500 on Tuesday for the first time since early 2014.
Year-to-date the stock is down about 26%.
On Monday, an update from the CDC said that five new cases of E. coli had been identified with the agency adding in a statement that, “The illnesses started on dates ranging from November 18, 2015 to November 26, 2015. All five (100%) reported eating at a Chipotle Mexican Grill in the week before illness started.”
A prior outbreak that sickened 52 people in nine states and had already been linked to Chipotle restaurants.
In a statement on Monday, Chipotle spokesman Chris Arnold said, “We have indicated before that we expected that we may see additional cases stemming from this, and CDC is now reporting some additional cases.”
We’d note, however, that the CDC added, “Because it is not known if these infections are related to the larger, previously reported outbreak of STEC O26 infections, these illnesses are not being included in the case count for that outbreak.”
On Tuesday analysts at JP Morgan downgraded shares of Chipotle following this latest news, according to Street Insider.
Here’s the ugly year-to-date performance for the stock.