Why BlueJay Diagnostics Stock Is Falling

Bluejay Diagnostics, Inc. BJDX shares are trading lower Thursday after the company announced the pricing of a $3.5 million public offering.

The Details:

BlueJay Diagnostics announced the public offering of 2,692,308 shares at $1.30 per share. The gross proceeds from the offering are expected to be approximately $3.5 million, and BlueJay Diagnostics intends to use the proceeds to fund matters related to obtaining FDA approval, other research and development activities and for general working capital needs.

On Wednesday, the company announced the initiation of a multicenter clinical study to evaluate the Symphony IL-6 test in sepsis patients.

BlueJay Diagnostics shares are falling on heavy trading volume following the announcement of a public offering. According to data from Benzinga Pro, more than 447,000 shares have been traded in the session, compared to the stock's 100-day average of less than 26,000 shares.

BlueJay Diagnostics shares are trading below the stock's 50-day moving average of $3.29 and well-below its 52-week high of $17.60.

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BJDX Price Action: According to Benzinga Pro, BlueJay Diagnostics shares are down 29% at $1.24 at the time of publication.

Image: Mohamed Hassan from Pixabay