Why Aura Biosciences Stock Hit A New 52-Week Low Today
Portfolio Pulse from Henry Khederian
Aura Biosciences Inc (NASDAQ:AURA) shares dropped by 34.7% after the company announced the pricing of its public offering of common stock. The company is offering 11 million shares at $9.00 per share, aiming to raise $99.0 million. The offering may be expanded by an additional 1.65 million shares. The offering is expected to close around November 9.
November 07, 2023 | 8:17 pm
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Aura Biosciences' stock price has dropped significantly following the announcement of its public offering. The offering is priced lower than the current trading price, which may have led to the sell-off.
The company's decision to price its public offering at $9.00 per share, which is lower than the current trading price, has likely led to the stock's significant drop as investors may be selling off their shares in anticipation of buying them back at a lower price during the offering.
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