Why Autolus Therapeutics Shares Are Plunging Today
Shares of Autolus Therapeutics (NASDAQ: AUTL) are plunging today, down 18.9% as of 11:16 a.m. EST, after the biopharmaceutical company announced the pricing of a public stock offering following Wednesday's market close. Autolus is selling 7.25 million shares for $11 apiece.
Secondary stock offerings typically cause a company's share price to fall. The introduction of new shares into the market dilutes the value of existing ones. It's a relatively common occurrence for biotech stocks, as companies without revenue-generating products on the market have to raise additional capital.
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Source Fool.com
