Why XBiotech Shares Are Tumbling 23.4% Today

After XBiotech (NASDAQ: XBIT) announced that investors tendering shares as part of its buyback will be able to tender only 30.9 shares for every 100 desired, shares are down 23.4% as of 11:30 a.m. EST on Thursday.

In December, XBiotech completed the sale of its only clinical-stage drug, bermekimab, to Johnson & Johnson (NYSE: JNJ) for $750 million.

Image source: Getty Images.

Continue reading

Source Fool.com