Trader: Quotient's Public Offering Is 'Priced To Work,' Notes Stock could See Upside

Shares of Quotient Ltd (NASDAQ: QTNT) plunged more than 25 percent on Friday and hit a new 52-week low of $7.47 after the company announced the pricing of a public offering of 4.44 million shares at a price of $9.00 per share.

Shares of Quotient closed at $10.30 on Thursday.

Related Link: Quotient Prices ~4.44 Million Share Offering At $9.00/Share, Form 4

Quotient expects the offering to generate proceeds of $36.9 million and will use the money to fund the ongoing development and commercialization of MosaiQ and for working capital and general corporate purposes.

A trader who is familiar with Quotient's stock and business profile told Benzinga that the public offering is "priced to work," and the stock could see upside from its deflated levels.