Grail's shares fall in Nasdaq debut after spin-off from Illumina (updated)

Grail

25/06/2024 14:45

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       June 25 (Reuters) - Shares of Grail  GRAL.O  fell as
much as 11.7% in their market debut on Tuesday after being spun
out of gene-sequencing company Illumina  ILMN.O .
    The company's stock traded as low as $16.21 after opening at
$18.35. 
    As an independent company, Grail is betting on commercial
partnerships with health systems, employers and life insurance
companies of its flagship cancer-detection test to power its
near-term growth. 
    Grail CEO Bob Ragusa told Reuters on Monday the company's
blood test, called Galleri, can detect many types of cancers
early, including 80% of those that are not currently screened
for but cause cancer deaths. 
    Priced at $949, Galleri is a lab-developed test that is
currently only sold in the United States.

 (Reporting by Pratik Jain and Arasu Kannagi Basil in Bengaluru;
Editing by Devika Syamnath)
 ((Pratik.Jain@thomsonreuters.com;))