Why Zomedica Stock Dropped Today

Shares of Zomedica (NYSEMKT: ZOM) fell 14% on Tuesday after the pet health company disclosed that it was increasing the size of its stock offering by nearly sevenfold.

On Nov. 13, Zomedica announced commercialization plans for its Truforma diagnostic platform for cats and dogs. Its stock subsequently went on to soar a stunning 2,750%. 

Yesterday, Zomedica moved to cash in on the incredible rally in its stock price by selling nearly 13.2 million of its shares to investors at a price of $1.90 per share. 

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Source Fool.com