Why Moderna Stock Plunged Today

Shares of Moderna (NASDAQ: MRNA) fell 10% on Tuesday after the biotechnology company said it would seek to raise more than $1.3 billion in cash via a public share offering. 

Moderna's stock sale comes soon after it announced positive results from its phase 1 study for its coronavirus vaccine candidate mRNA-1273. Moderna's shares popped 20% on Monday following the news.

Now, it appears that the biotech company is using its stock's gains to sell shares at a higher price. Moderna priced its stock offering at $76 per share, which is about 14% higher than where it closed on Friday. 

Continue reading

Source Fool.com