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Why Lexicon Pharmaceuticals Flopped on Friday

TheMotleyFool

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Why Lexicon Pharmaceuticals Flopped on FridayPhoto, wide shot, wide-angle lens, Clinical research organization, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Michael Light: https://img.theapi.app/temp/c28f6640-54ba-4d2b-afbe-b5fd3b0ee19e.png

Lexicon Pharmaceuticals (NASDAQ: LXRX) ended Friday 6% lower than the previous close. A fall seemed inevitable, as the company announced a rather dilutive new secondary common stock issue at a level below the shares' Thursday closing price.

Lexicon, a biotech focused on developing drugs underpinned by extensive gene research, said it will float just over 20.3 million new shares in a registered direct offering to three privately held entities. The price is $3.20 apiece. All told, if successful the gross proceeds of the issue will be $65 million.

Image source: Getty Images.

Source Fool.com

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