ETNB - 89bio stock drops on proposed securities offering

89bio (NASDAQ:ETNB) shares dropped over 5% during Tuesday extended trading after the biopharmaceutical company proposed an underwritten public offering of $75M of shares of its common stock, pre-funded warrants and accompanying warrants to purchase shares of its common stock. Net proceeds from this offering will be used to fund ongoing clinical activities and development of pegozafermin (previously BIO89-100), and other general corporate purposes, including general working capital and operating expenses. In other news, 89bio reported positive topline results from ENTRIGUE Phase 2 Trial of pegozafermin in patients with severe hypertriglyceridemia

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89bio stock drops on proposed securities offering