Here's Why Viridian Therapeutics (VRDN) Stock Is Moving

Viridian Therapeutics Inc VRDN shares are trading lower by 5.98% to $20.97 Thursday morning after the company announced pricing of an underwritten public offering, generating gross proceeds of approximately $150 million.

What Else?

The company is offering 7,142,858 shares of common stock at a public offering price of $21.00 per share. Additionally, Viridian has granted the underwriters a 30-day option to acquire an additional 1,071,428 shares at the same price.

The offering, in which all shares are offered by Viridian, is expected to close around January 22, contingent on customary closing conditions. The funds raised will be utilized for advancing clinical development programs, as well as for working capital and general corporate purposes.

Jefferies and Leerink Partners are serving as joint lead book-running managers for the offering.

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According to data from Benzinga Pro, VRDN has a 52-week high of $39.00 and a 52-week low of $10.92.