Here's Why IDEAYA Biosciences Lost Nearly 23% Today

Shares of IDEAYA Biosciences (NASDAQ:IDYA) fell as much as 22.7% today after the company announced the pricing of a public offering of common stock. The development-stage pharmaceutical company is offering up roughly 7.7 million shares of common stock at $15 apiece. If all shares are purchased, then the business could haul in gross proceeds of up to $115 million.

Although the stock is tumbling today, investors can't be too disappointed. IDEAYA Biosciences was able to drum up enough interest to price the public offering at $15 per share, which represents a 98% premium to the stock price at the beginning of the year. Recent developments have certainly helped.

As of 12:19 p.m. EDT, the small-cap stock had settled to a 20.3% loss.

Source Fool.com