Exact Sciences Stock Falls After Share Offering
Shares of Exact Sciences Corp. fell more than 3% Tuesday after the company said it entered an agreement with Jefferies LLC, Bank of America Merrill Lynch, and Robert W. Baird & Co. to sell 7 million shares of its common stock. The underwriters will also have an option to buy additional shares. The company intends to use the net proceeds of this offering to fund its expansion, including to increase laboratory, manufacturing and customer service capacity, to fund product development efforts, and for general corporate and working capital purposes, it said in a statement. Shares had ended the regular session down 1.3%.
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