Why Athenex Stock Is Down Today

Shares of Athenex (NASDAQ: ATNX) were down by 14.3% as of 1:35 p.m. EDT on Thursday, following the company's announcement of the pricing of a public offering of common stock. With Athenex set to dilute existing shareholders, it isn't surprising that investors are selling off shares of the biotech today.

Athenex first announced its intention to raise funds through a public offering on Tuesday. This morning, the company disclosed that it would sell 10 million shares of its common stock at $11 per share. The biotech is also granting underwriters a 30-day option to purchase an additional 1.5 million shares at that price. Athenex expects to collect gross proceeds of $110 million through this transaction. Note that shares ended Wednesday's trading at $13.19. At this writing, they're worth roughly $11.30.

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