Shares of Greenlight Biosciences (NASDAQ: GRNA) were down 13.4% as of the market close on Thursday. The decline appears to be the result of a Bloomberg Dealreporter report that said the drugmaker turned down an opportunity for a private-equity firm to take it private.

Greenlight's shares rose a little at first earlier in the day on news that the company was rejecting private-equity suitors. However, investors apparently changed their minds about the wisdom of the move, and the stock turned south later in the morning.

Perhaps surprisingly, the biotech stock fell even with other good news today. Canaccord Genuity initiated coverage on Greenlight with a buy rating and a price target of $4. That price target is more than three times higher than the stock's closing price on Wednesday. 

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Source Fool.com