Shares of Bionano Genomics (BNGO 0.33%) declined on Friday after the genome analysis company announced the pricing of its public stock offering. As of 10:30 a.m. EST, Bionano's share price was down 15%.
Bionano priced its offering of 29,016,393 shares of common stock at $3.05 per share. That was well below the stock's $5 closing price on Thursday, and Bionano's shares fell in kind.
The company expects to raise roughly $88.5 million. Bionano also gave underwriters a 30-day option to purchase an additional 4,352,458 shares at the same price, which could bring in additional funds. The stock sale is expected to be completed on Jan. 12.
Bionano's shares soared on Monday after it published a study on autism risk genes. Bionano's diagnostic services subsidiary, Lineagen, was able to identify novel variants in known autism spectrum disorder (ASD) risk genes and other genetic variants in the genome of Professor Temple Grandin, a respected advocate for people with autism.
Bionano and Grandin believe this genetic information can help to personalize treatment options for people with ASD. "Those with autism, like myself, may learn important information to guide medical decisions that may possibly save their lives while also potentially finding a genetic link to autism," Grandin said.
The cash Bionano receives from its stock offering could help it further the development of its promising genetic testing system.