MOUNTAIN VIEW (AP) – Shares of Complete Genomics slid below their offering price in their first day of trading on the Nasdaq Global Market.
The stock fell 96 cents, or more than 10 percent, to $8.04 in late morning trading.
The Mountain View company priced its initial public offering at $9, below the range of $12 to $14 it originally expected. Complete Genomics says it will receive about $47 million in proceeds from the offering of 6 million shares.
That could rise to more than $54 million if underwriters buy more shares.
Complete Genomics Inc. has developed a DNA sequencing platform, and it will use proceeds to help fund improvements and the expansion of its strategy.
The stock is listed under the ticker symbol “GNOM.”
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