Why EyePoint Pharmaceuticals Is Cratering Today
Shares of EyePoint Pharmaceuticals, Inc. (NASDAQ: EYPT) are down by a jaw-dropping 27.1% as of 1:08 p.m. EST Friday afternoon. The eye care specialist's stock is nosediving today in response to a secondary offering announced after the closing bell on Thursday.
What appears to be drawing shareholders' collective ire today is the offering price. EyePoint announced that it plans to offer 15 million shares of its common stock at $1.45 per share. This offering price is a staggering 25.6% discount relative to where the drugmaker's shares closed on Thursday.
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Source Fool.com


