Why Ideaya Biosciences Stock Is Plummeting Today
Ideaya Biosciences (NASDAQ: IDYA) stock is falling in Wednesday's trading. The company's share price was down 8.1% as of 11 a.m. ET, according to data from S&P Global Market Intelligence.
Ideaya Biosciences published a press release after the market closed, announcing a new public stock offering. While the move will help the company raise funds, it will also dilute the holdings of existing shareholders.
Ideaya stock closed out yesterday's daily trading session priced at $27.25 per share. After the market closed, the biotech specialist announced that it would be raising roughly $125 million in funding through the sale of 5.32 million shares and prefunded stock warrants at a price of $23.50 each. This price was significantly below where the stock had been trading the previous day.
Source Fool.com
