Why Longboard Pharmaceuticals Stock Is Falling
Portfolio Pulse from Henry Khederian
Longboard Pharmaceuticals Inc (NASDAQ:LBPH) stock fell by 11.3% to $22.26 after announcing a $150 million underwritten public offering. The company may also grant underwriters a 30-day option to purchase up to an additional $22.5 million of shares. Cantor and Citigroup are leading the offering, with Wedbush PacGrow and H.C. Wainwright & Co. as lead managers. There is no certainty on the completion or terms of the offering. LBPH's 52-week range is $3.60 to $26.50.
January 03, 2024 | 8:59 pm
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NEGATIVE IMPACT
Longboard Pharmaceuticals' stock price declined following the announcement of a significant public offering, which could dilute existing shares.
The stock price decline is likely due to investor concerns about share dilution from the public offering. The uncertainty about the offering's completion and terms may also contribute to negative sentiment.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100