BCYC - Why Bicycle Therapeutics Stock Raced Ahead Today
2023-07-13 18:40:28 ET
Investors were more than willing to take a ride with Bicycle Therapeutics (NASDAQ: BCYC) on Thursday. The U.K.-based biotech saw the price of its American Depositary Shares (ADSes) surge more than 19% higher on the day; news about a new round of capital raising was the cause of the rally. By comparison, the S&P 500 index inched less than 0.9% forward that day.
After market hours on Wednesday, Bicycle announced it was seeking to raise gross proceeds of around $200 million through a new ADS offering. It soon followed this up with the specifics on pricing and ADS count; just over 9.4 million of the securities will be sold at a price of $21.25 apiece. Investors have the option of purchasing nonvoting ordinary shares in lieu of ADSes.
These are clearly hot items, as Thursday's investor bull run powered the ADSes already on the market past the $26 level.
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Why Bicycle Therapeutics Stock Raced Ahead Today