Need to Worry? – Own Snap

Nothing is permanent in stock markets and stocks that soar one day can decline the next. Case in point being the BioNano Genomics Inc (NASDAQ: BNGO) stock, which recorded gains of 65% over the course of the past one week but on Wednesday it suffered a sharp decline.

Yesterday, the Bionano stock slumped by 11% after the company announced the pricing details for the public stock offering.

The genome analysis company is looking to raise around $200 million by offering 33,333,350 shares of its common stock. The shares have been priced at $6 each and on top of that, the underwriters have also been given the option of buying up to 5 million additional shares at the same price.

The offer price of $6 a share is considerably lower than the closing price of $9.14 a share on Tuesday. Hence, the reaction from the market with regards to the latest development is understandable. It remains to be seen if the stock can bounce back today.

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