Why Phreesia Stock Is Flying Higher Today

Shares of Phreesia (NYSE: PHR) were flying 11.2% higher as of 11:11 a.m. EDT on Wednesday. The big jump came after the company said that it will price the previously announced public offering of 5 million shares at $32 per share.

It's common for a company's share price to fall when the pricing of a secondary offering is announced. And Phreesia's share price did open lower yesterday after the company announced after the market close on Monday that it planned a secondary stock offering. But the healthcare stock quickly bounced back on Tuesday and is enjoying even stronger momentum today. Why?

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Source Fool.com