Why Bruker Stock Tumbled by Almost 12% Wednesday
Medical device and diagnostics company (NASDAQ: BRKR) wasn't looking like the cure for any investor's ailments on Wednesday. The stock was hit with an assertive sell-off from the market, leaving it with a nearly 12% price decline on the session. The S 500 index had a much better day, ticking up by 0.5%.
Just after market close on Tuesday, Bruker announced that it was floating a $600 million issue of mandatory convertible preferred stock. The conversion date will be on or about Sept. 1, 2028. Additionally, the company said it expects to grant the issue's underwriters a 30-day option to collectively purchase up to an additional $90 million worth of the securities.
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Source Fool.com
Bruker Corp. Stock
€49.89
-0.380%
With 14 Buy predictions and only 1 Sell predictions the community sentiment for the stock is positive.
As a result the target price of 51 € shows a slightly positive potential of 2.24% compared to the current price of 49.89 € for Bruker Corp..
