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Why Celcuity Stock Is Crashing Today

TheMotleyFool

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Why Celcuity Stock Is Crashing TodayPhoto, wide shot, wide-angle lens, Medical device manufacturer, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Michael Light: https://img.theapi.app/temp/3a7f6312-1eee-4702-9005-93cc1e62f970.png

Shares of Celcuity (NASDAQ: CELC) were crashing 19.3% lower as of 10:54 a.m. EDT on Tuesday. The big decline came after the biotechnology company announced the pricing of a secondary stock offering.

It's not surprising in the least that the biotech stock fell hard today. Celcuity plans to issue 2.25 million new shares at a price of $25 per share. Not coincidentally, the company's share price dropped to around that level.

Nor is it surprising that Celcuity decided to conduct a secondary stock offering. Its share price had soared nearly 240% prior to today. Companies like to issue new shares when their stocks are trading near highs because they're able to set the price tag at a higher level.

Source Fool.com

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