Zinger Key Points
- Bluebird Bio shares plummet over 11% in after-hours trading.
- The drop in price is linked to the company's announcement of a proposed public offering.
- Get the Real Story Behind Every Major Earnings Report
Bluebird bio, Inc. BLUE shares are trading lower in Monday's after-hours session after the company announced a proposed public offering of $150 million of common stock.
What To Know: Bluebird announced on Monday afternoon that it commenced an underwritten public offering of $150 million of shares of its common stock.
Additionally, the company stated its intention grant the underwriters a 30-day option to purchase up to an additional $22.5 million of shares of its common stock to be sold in the offering.
Bluebird plans to use the net proceeds from the offering to support commercialization and manufacturing for its three approved gene therapies, ZYNTEGLO, SKYSONA and LYFGENIA. Furthermore, it intends to use the funds to finance working capital and other general corporate purposes.
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BLUE Price Action: Shares of BLUE were down 11.48% at $2.70 in the after-hours session at the time of publication, according to Benzinga Pro.
Photo: Engin Akyurt from Pixabay
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