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Cepheid Shares Decline 7.4 Percent on Discounted Share Offering

NEW YORK, March 8 (GenomeWeb News) - Shares of Cepheid were down 7.4 percent, or $.68, at $8.47 in afternoon trading today after the company said it was pricing a secondary stock offering below Wednesday's closing price.

 

As GenomeWeb News reported this morning, Cepheid said it had priced 10 million shares to total $80.5 million, or an individual share price of $8.60, versus Tuesday's closing price of $9.15. This represented an 11.4-percent discount over Tuesday's closing price.

 

The underwriters of the offering have an option to purchase up to an additional 1.5 million shares to cover over-allotments.

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