Why BioXcel Therapeutics Shares Are Falling Today
Portfolio Pulse from Nabaparna Bhattacharya
BioXcel Therapeutics, Inc. (NASDAQ:BTAI) shares fell after announcing a public offering of $60 million in common stock or pre-funded warrants. The offering includes a 30-day option for underwriters to purchase up to $9 million additional shares. Proceeds will fund clinical trials, commercialization, and general corporate purposes. This follows the completion of patient enrollment in a Phase 2 trial of BXCL701 with KEYTRUDA for metastatic pancreatic cancer. BTAI shares dropped 33% to $2.5115.
February 09, 2024 | 4:05 pm
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
BioXcel Therapeutics announced a $60 million public offering, causing a 33% drop in its share price to $2.5115.
The announcement of a significant public offering often leads to a short-term decline in share price due to the dilution of existing shares. The 33% drop in BTAI's share price reflects market concerns over dilution and the immediate impact of the news.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100