Here's Why Guardant Health Dropped 10.2% in June
Shares of Guardant Health (NASDAQ: GH) fell over 10% last month, according to data provided by S&P Global Market Intelligence. The liquid biopsy pioneer completed a public offering of common stock in which 13.2 million shares changed hands at $84 apiece. However, the business sold only 4.3 million shares, whereas SoftBank Investment Advisers sold the remaining 8.9 million shares.
Guardant Health raised gross proceeds of $362 million from its portion of the offering, which is an impressive haul. Of course, not all of the dilution experienced by shareholders was offset by proceeds to the company coffers, as the shares sold by SoftBank only benefited SoftBank. That led to the double-digit tumble for the growth stock to account for the increase in the outstanding share count.
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Source Fool.com
