Why SpringWorks Therapeutics Stock (SWTX) Is Nosediving

SpringWorks Therapeutics Inc SWTX shares are trading lower by 8.4% to $29.00 Tuesday morning after the company announced the pricing of a public offering.

This offering involves selling approximately 9.48 million shares of its common stock at $29.00 per share, totaling an expected gross proceeds of about $275.0 million before expenses. The company expects to close the offering around December 7, pending standard closing conditions.

Additionally, SpringWorks has granted underwriters an option to purchase an additional 1.42 million shares within 30 days at the same offering price, minus discounts and commissions.

See Also: SpringWorks Therapeutics Announces Pricing of Upsized Public Offering of Common Stock

According to data from Benzinga Pro, SWTX has a 52-week high of $34.16 and a 52-week low of $18.00.