(Updates with additional information in the first three paragraphs and headline, along with the latest stock movement in the last paragraph.)

Seer (SEER) should sell itself to the highest bidder to maximize value for all stockholders rather than remain a public company, roughly 7.7% shareholders Bradley Radoff and Michael Torok said Monday in response to an acquisition proposal from CEO Omid Farokhzad.

The company's board dismissed three separate acquisition proposals from the investors since April without any engagement, the shareholders said.

The board formed a special committee to review inbound proposals two days after Farokhzad submitted a July 1 buyout offer featuring an identical $2.45 per share cash component and inferior contingent value rights compared to the group's latest bid, they added.

Its board will establish a special committee of independent directors to evaluate the proposal and other alternatives available to Seer, and determine the best course of action, the company said.

The special committee will engage independent financial and legal advisors to assist it with its review, the company added.

Shares of the company were up nearly 37% in Monday trading.

Price: 2.22, Change: +0.60, Percent Change: +37.04