Why Dyne Therapeutics Stock Tanked on Tuesday
It isn't unusual for a biotech to raise capital after it posts positive results from a clinical trial. In the case of a new fundraising effort by Dyne Therapeutics (NASDAQ: DYN), however, investors aren't happy that the biotech is going to the well. Following the announcement of a significant secondary stock issue, market players traded out of Dyne on Tuesday, leaving its shares with a nearly 17% loss.
Just after market close on Monday, Dyne announced that it has launched an underwritten public offering of $300 million worth of its common stock. The underwriters of the issue, which include Morgan Stanley and Jefferies, have been granted a 30-day option to collectively purchase up to an additional $45 million.
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Source Fool.com
