ASTS - As the Bull Roars Shareholders Hate How These 2 Companies Are Selling Their Stock
2023-06-28 09:25:19 ET
The stock market has treated investors well so far in 2023, and although the past couple of weeks have been a bit more turbulent, the Nasdaq Composite (NASDAQINDEX: ^IXIC) gave Wall Street a gain of more than 1.5% on Tuesday. Wednesday morning looks a bit less confident, though, with futures on the Nasdaq index falling about a third of a percent in premarket trading.
One problem with big gains in share prices is that companies often use them as an opportunity to sell stock to raise capital. Axsome Therapeutics (NASDAQ: AXSM) shares recently returned to levels last seen in 2020, so it's somewhat understandable for the biotech company to pick this occasion to do a public offering. However, for AST SpaceMobile (NASDAQ: ASTS) , the overall price history for the stock hasn't been nearly as favorable. Below, you'll learn more about the offerings both companies just made and why investors aren't entirely pleased.
Shares of Axsome Therapeutics were down 9% early Wednesday morning. The biopharmaceutical company specializing in treatments for central nervous system disorders announced that it would sell shares of common stock.
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As the Bull Roars, Shareholders Hate How These 2 Companies Are Selling Their Stock