Myriad Genetics Inc (MYGN)

Shares of Myriad Genetics (MYGN) dropped by 8.94% from $17.89 to $16.29 in the trading on Thursday, Novemeber 9, 2023. The reason why MYGN down is due to the announcement of an upsized underwritten public offering of 6,470,588 shares of common stock at $17.00 per share, with expected gross proceeds of approximately $110 million. The company intends to use the net proceeds to repay loans, settle litigation, and support working capital and general corporate purposes. The offering is managed by Goldman Sachs & Co. LLC, Morgan Stanley, and Wells Fargo Securities and is subject to customary closing conditions.