Madrigal Pharmaceuticals is trading lower after the company announced the pricing of its upsized $600 million public offering of 750,000 shares at $260 per share.
Portfolio Pulse from Benzinga Newsdesk
Madrigal Pharmaceuticals announced the pricing of its upsized $600 million public offering of 750,000 shares at $260 per share, causing its stock to trade lower.
March 19, 2024 | 11:12 am
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Madrigal Pharmaceuticals' stock is trading lower following the announcement of its $600 million public offering of 750,000 shares at $260 per share.
The announcement of a significant public offering often leads to a short-term decrease in stock price due to the dilution of existing shares. In this case, Madrigal Pharmaceuticals' decision to price the offering at $260 per share for a total of $600 million has led to a negative market reaction, likely due to concerns over dilution and the valuation at which the new shares are being offered.
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