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.
Personalis has several growth opportunities at its disposal. For instance, the company launched NeXT Liquid Biopsy last year. Liquid biopsies are tests that allow physicians to look for cancer cells from tumors in samples of blood from patients. They provide several advantages over tissue biopsies, including helping detect cancer faster and improving health outcomes. This market will continue to grow at a decent clip, and although there are scores of competitors in the space, Personalis is looking to carve out a niche for itself. If the company is successful, its recent run on the market could continue. In short, investors would do well to keep a close eye on Personalis.