OMER - Here's Why Omeros Fell Over 13% Today
Shares of Omeros (NASDAQ: OMER) fell as much as 13.3% today after the company announced the pricing of a public offering of common stock and more details about a debt offering.
The biopharma will offer up to 7.9 million shares of common stock at $14.50 apiece, which would haul in gross proceeds of roughly $115 million. Investors are displeased that the offering price is far below the $20-plus mark shares soared to after the company reported encouraging results from a six-patient study in COVID-19-associated acute respiratory distress syndrome (ARDS).
In addition to the stock offering, Omeros Corporation is issuing up to $241.5 million in convertible debt that bears 5.25% interest and comes due in 2026. As of 11:51 a.m. EDT, the small-cap stock had settled to a 12.4% loss.