AVRO - Here's Why Avrobio Fell as Much as 16.4% Today
Shares of Avrobio (NASDAQ: AVRO) fell as much as 16.4% today after the company announced and priced a public offering of common stock. The small-cap biopharmaceutical company will raise up to $115 million in gross proceeds by selling up to 5 million shares at $23 apiece.
The move wisely takes advantage of a soaring stock price, which was approaching a one-year high. The new funds will pad a balance sheet that sported $206 million in cash at the end of September and support ongoing development of the company's gene therapy drug candidates.
As of 1:13 p.m. EST, the pharma stock had settled to a 15.2% loss.