Guardant Health slides on $650 mln stock, convertible bonds sales

Shares of medical diagnostics co Guardant Health GH.O down 7.4% premarket at $90.90 after above-target capital raise

Palo Alto, California-based precision oncology firm early Weds announces pricing offering of ~3.3 mln shares at $90 for $300 mln gross proceeds

Offering price represents 8.3% discount to stock's last close of $98.14

It also prices concurrent private offering of $350 mln 0% convertible bonds (CBs) due May 2033

Initial conversion price set at $121.50, 35% above the price of the stock offering

After the bell Tues, co had commenced offerings of $250 mln in stock and $300 mln CBs

GH plans to use net offering proceeds from the offerings for general purposes, including repurchasing a portion of its 0% CBs due 2027, and for potential acquisitions of complementary products, technologies

Goldman Sachs, Jefferies, Leerink and Guggenheim are joint bookrunners for the stock offering

Through Tues close, GH stock up 41% over the past week and has more than tripled in 2025, giving it $12.4 bln market cap

Avg rating among 25 analysts is "buy"; median PT of $100 up from $68 a month ago, per LSEG data