Genoptix shares up 49% after IPO
Shares of Carlsbad, Calif.-based Genoptix Inc. soared nearly 50% Tuesday, a day after the provider of diagnostic laboratory services sold $85 million in stock in an initial public offering.
The company Monday sold 5 million shares for $17 each, higher than a forecast range of $14 to $16. The stock rose $8.35, or 49%, to $25.35 on Tuesday.
Scott Sweet, managing director of IPOboutique.com, said investors were eager to snap up Genoptix shares after a recent surge in revenue that was atypical of a biomedical firm.
Genoptix’s second-quarter profit rose to $3.7 million on revenue of $13.9 million, compared with a year-earlier loss of $1.3 million on revenue of $5.3 million.
Based on its closing price Tuesday, Genoptix’s stock has a market value of $395.5 million.
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