Why Celldex Therapeutics (CLDX) Stock Is Getting Hammered

Celldex Therapeutics, Inc. CLDX shares are trading lower after the company announced a proposed public offering of 7.425 million shares at $27 per share.

What Else?

The offering entails an option for underwriters to purchase an additional 1,113,750 shares. The gross proceeds, before underwriting fees, are expected to be around $200.5 million.

Celldex plans to use the net proceeds for the development of its product candidates, including barzolvolimab, expanding its bispecific antibody platform and general corporate purposes.

The offering is anticipated to close on or around November 10, subject to customary closing conditions.

See Also: Why Paramount Global Stock Is Diving

According to data from Benzinga Pro, CLDX has a 52-week high of $48.40 and a 52-week low of $22.11.