Why Kodiak Sciences Stock Is Jumping Today
Shares of Kodiak Sciences (NASDAQ: KOD) were jumping 17.3% higher as of 11:16 a.m. EST on Wednesday following the drugmaker's announcement after the market closed Tuesday of the specific pricing of a public stock offering. Kodiak plans to sell 6 million shares at a price of $46 per share -- well below its closing price on Tuesday.
Most biotech stocks fall when public stock offerings are announced at a lower share price. However, investors remain enthusiastic about an announcement Kodiak made on Monday about a royalty deal with Baker Bros. Advisors (BBA) for experimental eye-disease drug KSI-301.
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Source Fool.com
