Shares of several biotechs were falling today for the same underlying reason. Editas Medicine (NASDAQ: EDIT) stock was down 10% as of 11:07 a.m. EST on Thursday. Shares of Inovio Pharmaceuticals (NASDAQ: INO) were 6.4% lower. Dyne Therapeutics (NASDAQ: DYN) stock was plunging 15.4%. CytomX Therapeutics (NASDAQ: CTMX) shares were crashing 15.8% lower.
All four of these biotechs announced the pricing of public stock offerings after the market closed on Wednesday. Editas plans to issue 3.5 million shares at $66 per share. Inovio priced its offering of 17.7 million shares at $8.50 per share. Dyne intends to sell 6 million new shares at $28 per share. And CytomX stated that it plans to sell nearly 14.3 million new shares at $7 per share.
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Why Editas Medicine, Inovio, Dyne, and CytomX Stocks Are Falling Today