Here's Why PTC Therapeutics Fell as Much as 12.5% Today
Shares of PTC Therapeutics (NASDAQ: PTCT) fell more than 12% after the company announced the pricing of a debt offering and a share offering. The business will sell up to $287.5 million in debt notes and up to $115 million in common stock for total gross proceeds of up to $402.5 million.
The transactions will pad a balance sheet that sported $363 million in cash at the end of June. PTC Therapeutics can certainly use it. The business reported operating cash outflow of $73 million in the first six months of 2019. That's likely to increase in the near future as the company launches two new products in Latin America, prepares to submit another product to regulators for approval, and expands the use of an important drug product following a recent thumbs-up from regulators.
As of 12:22 p.m. EDT, the stock had settled to a 12.2% loss. The growth stock has gained 315% in the last three years.
Source Fool.com
