Why Catalyst Pharmaceuticals Stock Is Trading Lower

Catalyst Pharmaceuticals Inc CPRX shares are trading lower by 13% to $14.89 Friday morning. The company announced the pricing of a public offering of 10 million shares of its common stock at $15.00 per share, resulting in total gross proceeds of $150 million.

The underwriters have a 30-day option to purchase an additional 1.5 million shares. The offering, expected to close around January 9 is led by bookrunners BofA Securities, Citigroup, Piper Sandler & Co., Cantor and Truist Securities.

Catalyst intends to use the net proceeds for potential new product candidate acquisitions and general corporate purposes.

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According to data from Benzinga Pro, CPRX has a 52-week high of $22.11 and a 52-week low of $11.09.