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Why Is Gamida Cell (GMDA) Stock Down 19% Today?


  • Gamida Cell (GMDA) stock is dropping on public offering news.
  • The company is selling shares and warrants for its stock.
  • It doesn’t reveal prices for the offering.
GMDA Stock - Why Is Gamida Cell (GMDA) Stock Down 19% Today?

Source: Phonlamai Photo / Shutterstock.com

Gamida Cell (NASDAQ:GMDA) stock is falling on Wednesday after the cell therapy company revealed details of a public securities offering.

According to a press release from the company, it is selling both shares of GMDA stock as well as warrants to purchase shares of its stock. The company will also offer an additional 15% of shares in the offering to underwriters of the offering. Piper Sandler & Co. is the sole book-running manager for the public offering.

Gamida Cell doesn’t say how much the shares in the public offering will cost investors. It also doesn’t reveal how much it expects in gross proceeds from the offering. What the company does say is that it will use these funds for funding the commercialization of Omisirge, the development of clinical development of GDA-201, and other general corporate purposes.

What This Means for GMDA Stock

Traders are seeing shares of GMDA stock alongside the public offering news. That’s normal as shareholders don’t typically react well to stock offerings. That’s due to them increasing outstanding shares of the stock and devaluing it.

In today’s case, some 7 million shares of GMDA stock have changed hands as investors sell their shares. To put that in perspective, the company’s daily average trading volume is about 3 million shares.

GMDA stock is down 18.9% in pre-market trading on Wednesday. It’s also worth noting the stock rallied almost 51% in normal trading hours yesterday.

Investors looking for even more of the most recent stock market news will want to keep reading!

We’ve got all of the hottest stock market news moving shares on Wednesday! That includes what’s happening with shares of Allarity Therapeutics (NASDAQ:ALLR), Bed Bath & Beyond (NASDAQ:BBBY), and Clearmind Medicine (NASDAQ:CMND) stock today. You can catch up on this news at the links below!

More Wednesday Stock Market News

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.

Article printed from InvestorPlace Media, https://investorplace.com/2023/04/why-is-gamida-cell-gmda-stock-down-19-today/.

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