Why IDEAYA Biosciences Stock Is Falling During Wednesday's Session

Ideaya Biosciences Inc IDYA shares are trading lower by 11.6% to $24.10 Wednesday morning after the company priced an underwritten public offering of common stock and pre-funded warrants.

The company is selling 5 million shares of common stock at a price of $23.50 per share, along with pre-funded warrants to purchase 319,150 shares of common stock at a price of $23.4999 per pre-funded warrant with an exercise price of $0.0001 per share.

The underwriters have a 30-day option to purchase an additional 797,872 shares of common stock.

The total gross proceeds are estimated to be about $125,000,000, and the offering is expected to close on or around October 27, 2023. Joint book-running managers for the offering include J.P. Morgan, Goldman Sachs & Co. LLC, Jefferies and RBC Capital Markets.

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According to data from Benzinga Pro, IDYA has a 52-week high of $30.25 and a 52-week low of $13.29.