Quidel Shares Fall After Pricing New Offering
Shares of Quidel (NASDAQ: QDEL), the San Diego diagnostic test maker, sank more than 8 percent on heavy volume today, after the company priced a secondary public offering of 4 million common shares at $13.15 a share. The company, which granted an additional 600,000 to the underwriter to cover over-allotments, says the closing of the offering is expected on or about Tuesday. Quidel’s share price fell by $1.20, or 8.3 percent, to close at $13.23 in trading of nearly 2.1 million shares—nearly 11 times the company’s recent average trading volume. Quidel, which has about 28 million shares outstanding, says it plans to use the proceeds for working capital and other purposes, including possible acquisitions.