Why XBiotech Shares Are Tumbling 23.4% Today
After XBiotech (NASDAQ: XBIT) announced that investors tendering shares as part of its buyback will be able to tender only 30.9 shares for every 100 desired, shares are down 23.4% as of 11:30 a.m. EST on Thursday.
In December, XBiotech completed the sale of its only clinical-stage drug, bermekimab, to Johnson & Johnson (NYSE: JNJ) for $750 million.
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Source Fool.com
