Why Personalis Stock Dropped Today
Shares of Personalis (NASDAQ: PSNL) are down by 12.1% as of 3:48 p.m. EST on Wednesday, after dropping by as much as 15.1%. Investors are selling off the company's stock following its announcement of the pricing of a public offering of common stock. Personalis has been on fire on the market of late, rising by over 210% in the past year even after today's plunge. The genomics company decided to profit from its recent run by raising some capital.
Personalis is offering 3.95 million shares of its common stock for $38 per share. The healthcare company is also granting underwriters a 30-day option to acquire an additional 592,500 shares at the public offering price. Personalis' stock was worth $42.47 at the end of yesterday's trading session, but the company's shares are now exchanging hands for $37.12 apiece. Personalis expects to collect $150.1 million in gross proceeds from this public offering of common stock.
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Source Fool.com
