Here's Why Invitae Stock Is Swinging Wildly Today
Shares of Invitae (NYSE: NVTA) fell as much 14.4% today, then gained as much as 13.2%, after the company announced the pricing of a public offering of common stock. The genetic testing company will offer up to 20.4 million shares at $9 each. The offering will raise up to $184 million in gross proceeds.
Investors are reacting to the dilution from the stock offering, the relatively low offering price (shares traded above $18 for most of 2019), and broader market volatility during the coronavirus pandemic. As of 1:41 p.m. EDT today, the growth stock had settled to a 0.9% gain.
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Source Fool.com