Shares of Guardant Health ( NASDAQ: GH ) fell 11% Monday morning in the wake of news that the company had entered into a $400M at-the-market stock sale agreement. Late Friday, Guardant said in a filing that it had entered into an open market sale agreement with Jefferies for an ATM program that could generate gross proceeds of up to $400M. Guardant recently launched a blood-based test called Shield for the detection of colorectal cancer.
The product will likely compete against stool-based tests marketed by Exact Sciences ( EXAS ) and Geneoscopy..