Shares of AquaBounty Technologies (NASDAQ: AQB) , a start-up company specializing in farm-raised salmon, fell today after announcing it's selling stock to raise cash. In reality, the stock offering wasn't a complete surprise. But the pricing of the offering was unsettling if you're a shareholder, and it's likely why investors are selling today. As of 11:15 a.m. EST, AquaBounty stock was down 16%.
AquaBounty has been a penny stock for years. But in 2020, shares have been increasing in value as investors anticipate the first harvest of the company's AquAdvantage salmon at its farm in Indiana. I'm not exactly sure why the stock has been on fire during the last two weeks, but it has more than doubled, reaching highs of $11.40 per share on Dec. 7.
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Why AquaBounty Stock Was Falling Today After More Than Doubling in Two Weeks