A stock that is likely to be in focus among investors this morning is that of Fluidigm Corporation (NASDAQ:FLDM) after the company’s stock went on a strong rally and ended the day with gains of as much as 5%.
Trading Data
On Monday, FLDM stock gained 4.93% to $2.98 with more than 3.87 million shares, compared to its average volume of 686k shares. The stock has moved within a range of $2.6700 – 3.0500 after opening trade at $2.75.
Announces $250 Million Strategic Capital Infusion from Casdin Capital and Viking Global Investors and Rebranding to Standard BioTools Inc.
In this situation, it might be the right time for investors to consider taking a look at the development from yesterday which actually triggered the rally. The company announced yesterday that its board of directors had provided unanimous approval with regards to an investment worth as much as $250 million from Casdin Capital LLC and Viking Global Investors LP.
An investment of that magnitude can certainly come as a source of significant optimism for investors and hence, the rally in the Fluidigm stock on Monday was perhaps not a total surprise.
The fresh capital is expected to help the company in taking care of many growth initiatives, which may be both inorganic and organic in nature. At the same time, Fluidigm is also looking to make its cost structure more cost efficient. In light of the latest developments, it is quite likely that the stock is going to attract the attention of investors this morning.
Key Quote
Dr. Carlos V. Paya, chairman of Fluidigm, said, “This investment is the culmination of our Board’s comprehensive review of a wide range of options to maximize stockholder value. Casdin and Viking are leading investors with proven records of partnering with life sciences and biotechnology-focused companies to drive growth, scale, financial performance and value creation. This significant capital infusion and strategic initiative will not only strengthen our balance sheet but accelerate growth and innovation to create significant value for all stakeholders.”
Technical Data
FLDM stock is below the 20-Day and 50-Day Moving averages of $3.30 and $3.39 respectively. Moreover, the stock is trading below the 200-Day moving average of $5.39.
