Why CytoSorbents Stock Got Clobbered Today
Shares of CytoSorbents (NASDAQ: CTSO) were getting clobbered on Tuesday, with the stock sinking 15.9% as of 3:14 p.m. EDT. The big decline came after the maker of blood purification technologies announced a $40 million public offering late Monday afternoon.
It shouldn't be surprising in the least that CytoSorbents decided to sell additional shares to raise cash. The healthcare stock is up more than 150% year to date even with today's drop. Companies often take advantage of higher share prices to build their cash positions.
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Source Fool.com
