Quotient Ltd. (NASDAQ: QTNT) led the bears going into Friday’s trading session on news of a secondary offering. The company priced its offering of roughly 4.44 million shares at $9.00 per share, with an overallotment option for an additional 666,666 shares. At this price, the entire offering is valued up to roughly $46 million.
JPMorgan is acting as the sole underwriter for this offering.
Quotient is a commercial-stage diagnostics company committed to reducing health care costs and improving patient care through the provision of innovative tests within established markets.
The company is developing its proprietary MosaiQ technology platform to offer a breadth of tests that is unmatched by existing commercially available transfusion diagnostic instrument platforms. The company’s operations are based in Edinburgh, Scotland; Eysins, Switzerland; and Newtown, Pa.
So far in 2016, this stock has vastly underperformed the market, with the stock down 35% year to date, as well as over the past 52 weeks.
Shares of Quotient closed Thursday down 9.7% at $10.30, with a consensus analyst price target of $28.00 and a 52-week trading range of $9.79 to $19.95. Following the release, shares were down 13.6% at $8.90 in early trading indications Friday.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
