Why Intra-Cellular Therapies Took a Big Hit Today
Intra-Cellular Therapies' (NASDAQ: ITCI) stock could have used a little financial therapy on Tuesday. The neurologic drugs-focused biotech saw its shares decline by over 14% on the day, following news that it is entering a new round of capital-raising.
After market hours on Monday, Intra-Cellular announced that it is floating a $400 million issue of its common stock. The underwriters of the issue -- which include JPMorgan Chase unit J.P. Morgan and Bank of America Securities -- have been granted a 30-day option to collectively purchase up to an additional $60 million worth of the shares.
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Source Fool.com
