Why Pacific Biosciences of California Shares Are Soaring Today
Shares of Pacific Biosciences of California (NASDAQ: PACB) were soaring 25.6% as of 11:54 a.m. EDT on Wednesday. The big gain came after the gene-sequencing systems maker announced a public stock offering of more than 19.4 million shares on Tuesday.
Ordinarily, secondary stock offerings cause a company's shares to fall. That makes sense, considering that more shares on the market dilute the value of existing shares. So why did PacBio's shares soar instead of sink?
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Source Fool.com
