Oscar Health stock fell 11% on Tuesday after Goldman Sachs initiated coverage with a sell recommendation, barely nine months after it assisted the firm in selling the same shares for $39 each.

The stock was priced at $6.50 by the Wall Street behemoth. Monday's closing price for Oscar was $10.46, down 4%.

Goldman Sachs was, ironically, the principal underwriter for the healthcare platform's initial public offering. Morgan Stanley, Wells Fargo, BofA, Credit Suisse, and Allen & Company all had investment banking units advising the company. The public sale earned $1.2 billion for the tech-based health insurer.

The stock debuted on the New York Stock Exchange on March 4 at a price lower than its issue price of $39. It reached a high of $37 twice that month before never returning to that level.Oscar Health To Expand Obamacare To Three New States In 2022

Oscar's firm, like many tech-based platforms, has continued to lose money as profits remain elusive. Last month, the company recorded a loss of roughly $212 million for the quarter ending in September, more than twice as much as the previous year's quarter. In each of the year's three quarters, it has posted losses.

According to data collated by a major newswire, more than 130 technology IPOs raised more than $60 billion in the United States this year, setting new highs in both metrics. According to the wire agency, they made up nearly a third of the whole IPO market, excluding special purpose acquisition firms and direct listings.

The gains of most IPOs have been wiped out by recent market volatility, putting the chances of those expected to join the market in the coming months in jeopardy.