Here's Why Intellia Therapeutics Sank as Much as 17.7% Today
Shares of CRISPR gene-editing biopharma Intellia Therapeutics (NASDAQ: NTLA) dropped nearly 18% today after the company announced a major public share offering to increase its cash balance. The biopharma will offer 6.25 million shares, with the option to purchase an additional 937,500 shares, at $24 apiece.
The good news is that the share offering will provide gross proceeds of up to $170 million. The bad news is that the share offering will dilute existing shareholders by up to 20%. Overall, this was a great move by management.
As of 11:56 a.m. EDT, the stock had settled to a 15.2% loss.
Source: Fool.com
Intellia Therapeutics Inc Stock
€24.94
-0.560%
With 17 Buy predictions and only 1 Sell predictions the community sentiment for the stock is positive.
With a target price of 60 € there is potential for a 140.58% increase which would mean more than doubling the current price of 24.94 € for Intellia Therapeutics Inc.
