Here's Why Inovio Pharmaceuticals, Inc. Stock Fell Today
Shares of Inovio Pharmaceuticals, Inc. (NASDAQ: INO), a clinical-stage biotech with a focus on cancer and infectious diseases, fell 13.4% during Wednesday's session. An announcement on Tuesday that outlined an upcoming share offering didn't sit well with the market.
Without any approved drugs to sell, Inovio needs to fund its operations with debt or equity. Although there wasn't any long-term debt on the company's balance sheet, it decided to visit the equity tap once again. The company intends to raise a combined $88.25 million from the public and the offering's underwriters, which at today's closing price, would raise its outstanding share count roughly 17% higher.
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Source: Fool.com