The stock of Cerevel Therapeutics Holdings (NASDAQ: CERE) is under pressure in response to a secondary offering the company priced this morning. Investors unhappy about the dilutive effect of the offering pushed the stock 11.3% lower as of 12:42 p.m. on Friday.
On Tuesday, shares of Cerevel Therapeutics spiked when the clinical-stage biopharmaceutical company reported successful results for its lead candidate. They're sinking today because the company is offering 16.1 million new shares at $25, which is significantly lower than the company's closing price yesterday.
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Here's What's Pushing Cerevel Therapeutics Stock Lower Today