Stock Alert: Pacific Biosciences Of California Rises 22%; Prices Public Offering

(RTTNews) - Shares of Pacific Biosciences of California, Inc. (PACB) are climbing almost 22 percent or $0.97 in Wednesday's morning trade at $5.44.

Tuesday, Pacific Biosciences priced its previously announced public offering of 19.43 million common shares at $4.47 per share. The offering is expected to close on or about August 14, 2020.

In addition, Pacific Biosciences has granted the underwriters a 30-day option to purchase up to an additional 2.91 million shares at the public offering price, less underwriting discounts and commissions. The company expects to receive gross proceeds of about $86.9 million and to use it mainly for additional product launches and commercial infrastructure expansion.

Pacific Biosciences has traded in a range of $2.20 to $5.94 in the past 52 weeks.