Here's Why Athenex Stock Is Getting Obliterated Thursday

Athenex Inc ATNX shares are trading lower by 45.95% to $0.60 Thursday morning after the company announced a public offering valued at approximately $30 million.

Athenex intends to use the net proceeds from the proposed offering to fund ongoing clinical development for its product candidates and for working capital and other general corporate purposes.

The offering is expected to close on August 15th, subject to customary closing conditions.

See Also: We Asked 1,000 Investors If Elon Musk's Tesla Or Nio Makes The Cooler-Looking EV

According to data from Benzinga Pro, Athenex has a 52-week high of $3.91 and a 52-week low of $0.41.