Biomea Fusion (NASDAQ:BMEA) stock is climbing higher on Wednesday after the company announced a public offering plan.
According to a press release, the underwritten public offering covers up to $125 million worth of BMEA stock. There’s also an option for underwriters to acquire an additional $18.75 million worth of the stock within 30 days of the offering.
Investors will also note that JP Morgan Chase and Citigroup are the joint book-running managers of the proposed offering. Additionally, Oppenheimer & Co. and Barclays are serving as joint book-running managers for the offering.
Following news of the offering, shares of BMEA stock are seeing incredibly heavy trading on Wednesday! That has some 3.9 million shares of the stock changing hands as of this writing. For comparison, the company’s daily average trading volume is about 411,000 shares.
BMEA Stock Continues to Rally
The initial cause of the company’s rally was its latest earnings report. Results from the fourth quarter of 2022 impressed investors yesterday, which sent shares of BMEA stock heading higher. That momentum continues today following the public offering news.
Biomea Fusion is a clinical-stage biopharmaceutical company working to develop covalent small molecules. These would be used to treat patients suffering from genetically defined cancers and metabolic diseases.
BMEA stock is up 15.6% as of Wednesday morning!
Traders looking for all of the hottest stock market news are in the right place!
Investors can keep reading for all of the hottest stock coverage for Wednesday! That includes what has shares of Lucid Motors (NASDAQ:LCID), chip stocks, and Macy’s (NYSE:M) stock in the news today. We’ve got all that ready to go at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.