Here's Why Intellia Therapeutics Sank as Much as 17.7% Today

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.

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Source: Fool.com