NeoGenomics down after announcing $275 mln convertible offering
BUZZ-NeoGenomics down after announcing $275 mln convertible offering ** Cancer diagnostics firm NeoGenomics' NEO.O shares down 4.4% before the bell on Tues to $10.60 as it looks to raise capital
** NEO late Mon unveiled private offering of $275 mln convertible bonds (CBs) due 2032
** Co intends to use some net offering proceeds, along with cash, to repurchase a portion of its 0.25% CBs due 2028
** Also plans to use proceeds to pay cost of capped call transactions and repurchase up to $25 mln of shares to facilitate hedging by investors in the new CBs
** Through Mon, NEO stock had rallied 49% QTD, leaving it down ~6% YTD
** Fort Myers, Florida-based firm has about $1.4 bln market cap
** Avg rating of 12 analysts is "buy"; median PT $14, per LSEG data
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
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