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Shares of Aptinyx (NASDAQ: APTX) were sinking 7.2% lower as of 3:32 p.m. EDT on Wednesday after falling as much as 12.8% earlier in the day. The decline stemmed from the company's announcement on Tuesday evening that it plans to sell 12 million shares in a public stock offering.
Biotech stocks typically drop on news of a secondary stock offering. The issuance of new shares dilutes the value of existing shares.