Shares of Pacific Biosciences of California Inc. (PACB) were down 7.2% to $3.10 in premarket trading on Thursday, June 15. The Menlo Park, Calif.-based firm said it has priced its underwritten public offering of 15.4 million shares at $3.10 apiece. Pacific Biosciences has also given underwriters a 30-day option to buy up to an additional 2.3 million shares.
The offering would generate net proceeds of about $45.9 million after deducting the underwriting discount and estimated offering expenses, assuming no exercise of the underwriter's option to buy additional shares.
Pacific Biosciences said it plans to use the net proceeds for general corporate purposes. Part of the proceeds may also be used to acquire or invest in complementary businesses, technologies and product candidates, the company said.
AveXis Inc. (AVX) S shares rose 4.2% to $74.11 following the announcement of an alignment with U.S. Food and Drug Administration on the Chicago firm's good manufacturing practice commercial manufacturing process for AVXS-101.
Among the other biotech stock movers was Novavax Inc. (NVAX) . Shares of the Gaithersburg, Md.-based firm were down 3.7% to $1.03.
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Meanwhile, over on Real Money, Brian Sozzi writes that Walmart Stores Inc. (WMT) is "hungry, determined and moving at a speed that should frighten a grocery store like Kroger Co. (KR) and fellow discounter Target Corp. (TGT) ." Get his insights or analysis with a free trial subscription to Real Money.