MORRISVILLE – Syneos Health stockholders are selling 6 million shares, and the offering price set off a selling frenzy of its shares Wednesday.
Shares dropped some 8%, or $5, from Tuesday’s close of $65.72 when the markets opened.
Earlier Syneos (Nasdaq: SYNH) said the shares would be priced at $61.90.
The life science firm said it “is not selling any shares and will not receive any proceeds from the proposed sale of the shares by the selling stockholders.”
Syneos recently raised $600 million and could be in the market for more acquisitions.
Syneos Health wraps up $600M in new cash – more acquisitions coming?
