Here's Why CRISPR Therapeutics Stock Is Falling Today
Shares of CRISPR Therapeutics (NASDAQ: CRSP) are falling today, down by 9.7% as of 1:53 p.m. EST, after the company announced the pricing of a public stock offering. The gene-editing pioneer said it will offer up to 4.89 million shares at $64.50 apiece, which would generate gross proceeds of up to $315 million.
The company is wisely taking advantage of a soaring stock price to bolster its cash position, which stood at a whopping $629.7 million at the end of September. Earlier this week, CRISPR Therapeutics and its partner Vertex Pharmaceuticals announced promising data from the first two individuals dosed with CTX001. That news sent shares roaring higher, but the company has a number of programs it wants to advance in clinical trials.
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Source Fool.com
