(Reuters) -Shares of Grail fell as much as 11.7% in their market debut on Tuesday after being spun out of gene-sequencing company Illumina.
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)
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