Here's Why BioXcel Therapeutics Stock Got Hammered This Week
Shares of BioXcel Therapeutics (NASDAQ: BTAI), a clinical-stage biotechnology company, fell hard this week as shareholders responded to a secondary share offering. Since the market closed last Friday, the biotech stock has lost around 16.8% of its value.
On June 23, 2021, BioXcel Therapeutics told investors the company would sell about 3.2 million new shares of its stock. The proceeds will be used to run clinical trials and perhaps the company's first commercial launch.
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Source Fool.com