PSNL - Here's Why Personalis Fell as Much as 13.8% Today
Shares of Personalis (NASDAQ: PSNL) fell nearly 14% today, after the company announced the pricing of a public offering of common stock. The genomics company will issue up to 7.56 million shares of common stock at $19 apiece. The offering could result in gross proceeds of up to $143.5 million.
Personalis ended June with $105 million in cash and reported an operating cash outflow of $24 million in the first six months of 2020. The offering wisely takes advantage of a soaring stock price and pads the balance sheet during the market launch of an important new liquid biopsy product.
As of 11:22 a.m. EDT, the small-cap stock had settled to a 11.8% loss.