Why BridgeBio Pharma Shares Are Falling Sharply

BridgeBio Pharma Inc BBIO shares are trading lower by 15.8% to $15.62 Wednesday morning after the company priced an offering of 8.82 million shares at $17 per share.

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The gross proceeds from the offering, before deducting underwriting discounts and commissions and offering expenses, are expected to be approximately $150 million, excluding any exercise of the underwriters' option to purchase additional shares.

All of the shares in the offering are to be sold by BridgeBio.

According to data from Benzinga Pro, BBIO has a 52-week high of $19.94 and a 52-week low of $4.98.