Why Aptose Biosciences Shares Are Jumping Today
Shares of Aptose Biosciences (NASDAQ: APTO) were jumping 14% higher as of 3:14 p.m. EST on Wednesday. The clinical-stage biotech announced on Tuesday that its public stock offering of more than 16 million shares would be priced at $4 per share.
Aptose's decision to raise money through a stock offering makes sense. The stock soared last week after the biotech announced promising preclinical data for experimental drug CG-806 at the American Society of Hematology (ASH) meeting, and Merck (NYSE: MRK) announced that it planned to acquire ArQule (NASDAQ: ARQL). Aptose's lead pipeline candidate uses a similar mechanism of action as ArQule's lead candidate.
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Source Fool.com
