Here's Why Intra-Cellular Therapies Is Sinking Today

Shares of Intra-Cellular Therapies (NASDAQ: ITCI) fell as much as 13.6% today after the company announced the pricing of a public stock offering. The pharmaceutical company will offer up to 11.5 million shares at $29.50 apiece, which will raise up to $339.5 million in gross proceeds.

While the business ended September with $255 million in cash, it reported an operating loss of $112 million in the first nine months of 2019. After receiving a surprise approval for Caplyta in the final week of December, the company is simply padding the balance sheet as it prepares for market launch.

As of 10:26 a.m. EST, the pharma stock had settled to a 11.3% loss.

Source Fool.com