TransCode Therapeutics (NASDAQ:RNAZ) stock is taking a beating on Tuesday after the biopharmaceutical company announced the pricing for a public offering of its shares.
TransCode Therapeutics is selling 10 million shares of its common stock for 30 cents each. This has it expecting to raise gross proceeds of $30 million from the public offering of RNAZ stock.
TransCode Therapeutics says it will use the money from this offering mostly for product development activities. That includes more clinical trials of TTX-MC138. This is its lead product candidate for the treatment of metastatic tumors.
What This Means for RNAZ Stock
A public offering increases the total number of outstanding shares on the market. That’s a blow to current investors in RNAZ as it reduces their stakes in the company. This is one reason why TransCode Therapeutics’ stock is falling today.
On top of that, the public offering price is a significant discount over its prior closing price of 79 cents. It makes sense that the price of RNAZ stock would drop with it offering news shares for just 30 cents each.
RNAZ stock is down 62.1% as of Tuesday morning. That comes with about 1.4 million shares traded, as compared to a daily average of around 1.3 million shares.
Investors will want to stick around for more of the most recent stock market stories!
We have all of the hottest stock market news investors need to know about on Tuesday! A few examples include what’s happening with shares of Nature’s Miracle (NASDAQ:NMHI) and Warrantee (NASDAQ:WRNT) stock, as well as the biggest pre-market stock movers this morning. All of this info is ready to go at the links below!
More Tuesday Stock Market News
- Why Is Nature’s Miracle (NMHI) Stock Up 94% Today?
- Why Is Warrantee (WRNT) Stock Up 129% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Tuesday
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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.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
