Why IDEAYA Biosciences Stock Is Falling During Wednesday's Session
Portfolio Pulse from Henry Khederian
IDEAYA Biosciences Inc (NASDAQ:IDYA) shares fell by 11.6% after the company priced an underwritten public offering of common stock and pre-funded warrants. The company is selling 5 million shares at $23.50 per share, along with pre-funded warrants to purchase 319,150 shares at $23.4999 per warrant. The total gross proceeds are estimated to be about $125,000,000. The offering is expected to close on October 27, 2023. J.P. Morgan, Goldman Sachs & Co. LLC, Jefferies, and RBC Capital Markets are the joint book-running managers for the offering.
October 25, 2023 | 2:44 pm
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IDEAYA Biosciences' stock price fell after the company priced an underwritten public offering of common stock and pre-funded warrants. This could potentially dilute existing shareholders' equity.
The company's decision to issue more shares and pre-funded warrants has led to a drop in the stock price due to potential dilution of existing shareholders' equity. The market's reaction to this news has been negative, leading to a decrease in the stock price.
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