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Shares of Omeros(NASDAQ: OMER), a biopharmaceutical company, are losing ground after the company announced an unenthusiastic price for shares to be offered in a secondary offering. As of 11:49 a.m. EST, the stock has fallen 11.9% from its previous close.
Since Omeros is going to unload $57.5 million worth of new shares at $13.10 each on or before Dec. 9, 2019, nobody's willing to buy the stock at the previous day's closing price of $15.24 per share. What's surprising is the company's plan to price the offering 14% below its average share price over the past 50 trading sessions.