Why Pacific Biosciences of California Shares Are Soaring Today

Why Pacific Biosciences of California Shares Are Soaring Today

Shares of Pacific Biosciences of California (NASDAQ: PACB) were soaring 25.6% as of 11:54 a.m. EDT on Wednesday. The big gain came after the gene-sequencing systems maker announced a public stock offering of more than 19.4 million shares on Tuesday. Ordinarily, secondary stock offerings cause a company's shares to fall.