Here's Why Adaptive Biotechnologies Is Soaring Today
Shares of Adaptive Biotechnologies (NASDAQ: ADPT) rose as much as 11.7% today after the company announced the pricing of a common stock offering. The business isn't offering the shares and will not generate proceeds from the sale of the common stock. Instead, existing shareholders are selling up to 9.2 million shares of common stock at $26.50 apiece.
The pricing of the offering suggests there's relatively solid demand for the stock. Considering shares of Adaptive Biotechnologies have tumbled 26% since the initial public offering (IPO) last summer, investors are grasping for any sign that a bottom has been reached.
As of 12:18 p.m. EST, the stock had settled to a 11.6% gain.
Source Fool.com
