Veracyte stock dips after $65m IPO
This article was originally published in Clinica
Executive Summary
Molecular diagnostic firm Veracyte has succeeded in going public, but the amount raised fell slightly short of expectations, and its share price dipped in its second day of trading. The company pulled in $65m, offering five million shares at $13 apiece, the low end of the $13-15 offer price range (www.clinica.co.uk, 22 October 2013). Veracyte’s stock, listed on the Nasdaq market under the ticker symbol VCYT, closed at $13.25 on 30 October, its first day of trading – but had fallen 6% to $12.39 by the end of the following day. The company has also granted the underwriters a 30-day option to purchase up to 750,000 additional shares. The offering is expected to close on 4 November. San Francisco, California-based Veracyte’s flagship product, the Afirma Thyroid FNA Analysis, evaluates 142 genes to determine whether thyroid cancer of uncertain prognosis can be reclassified as benign. The company launched the test in January 2011.